Bush Wants More

He might have less than two weeks left in the White House, but President Bush isn’t done yet. According to senior administration officials, Bush, backed by the Obama team, is planning to ask Congress to release the second half of the $700 billion financial rescue package before he leaves office. If Congress declines, a possibility given its general opposition to that idea, Bush, not Obama, would wield the veto pen. Under legislation passed in October, the administration must inform Congress that it wants access to the money. Unless Congress rejects the request within 15 days, the Treasury can start tapping into the funds. If Congress does deny the request, the president could veto the decision and the Treasury can move forward. The Bush administration is coordinating its efforts with Obama’s transition team.