WASHINGTON (AP) - President-elect Barack Obama's top economic adviser tells Congress that the need for the remaining $350 billion of the financial bailout package is "imminent and urgent."
Larry Summers has written a letter to the bipartisan leadership of the House of Representatives and the Senate to assure lawmakers that the money will be used to help community banks, small businesses, consumers and homeowners as well as large financial institutions.
The letter comes as Obama asks Bush to seek the remaining money in the Troubled Asset Relief Program (TARP) so that Obama can have the money at his disposal promptly after taking office.
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