by Deb Cupples | Yesterday, CNN reported:
This doesn't make sense. The way the media reported the passage of the bailout bill in October, the legislation allowed up to $700 billion in bailout funds: $350 billion at the time the bill passed and another $350 billion in bailout funds "pending congressional approval." (See Marketwatch, CNN, and the LA Times)
That wording indicates that for the various Wall Street firms to get the second $350 billion, Congress would have to take the affirmative step of voting to give it to them. If Congress decides to not give the money, it seems that Congress need do nothing at all.
If Congress did nothing at all, the president would have nothing at all to veto. Perhaps I misunderstood -- or perhaps various news reporters misunderstood.
Other Buck Naked Politics Posts:
* Are Bailout Funds Being Misused?
* Real Bonuses Based on Fake Profits
* Cleaning up Political & Corporate Culture Could Help Economy
* Judiciary Committee Releases Negative Report on Bush Admin.
* Execs Made Millions While Driving Companies into Ditch
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