Treasury may have to request funds from Congress

[babylonsister]

Treasury may have to request funds from Congress
By Silla Brush
Posted: 11/25/08 01:06 PM


Treasury Secretary Henry Paulson is close to running out of money and soon may have to ask Congress for access to the rest of the $700 billion package it approved for rescuing the economy.

Paulson has said that he intends to leave the second $350 billion of the package for President-elect Barack Obama's administration, but the government's moves in just the last two days leave Paulson with only about $20 billion in funds for the nearly two months remaining until Obama’s inauguration.

The continuing market volatility and tough credit markets could force Paulson to seek access to the funds, particularly as the government continues to unveil new programs to prop up the economy.

On Tuesday, Paulson did not rule out requesting access to the remaining funds.

“When the time is right, we’ll avail ourselves of the congressional process,” Paulson said during a press conference.

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http://thehill.com/leading-the-news/treasury-may-have-to-request-funds-for-congress-2008-11-25.html