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Treasury's Bailout Promises Runneth Over
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Rep. Maxine Waters (D-Calif.) offered one of the stronger testimonials earlier this month, renouncing her initial support.
"Please don't come here and ask for another penny," she told Neel Kashkari, the Treasury official in charge of the program, "because if you do, I'm going to work 24 hours a day with the same people that I worked with to support you to make sure that they do not support giving you another dime."
House Republican leaders wrote Paulson earlier this month to warn that they would oppose additional funding so long as Treasury continued to stonewall their requests for basic information.
"Such opaqueness is unacceptable," wrote 12 representatives headed by Minority Leader John A. Boehner (R-Ohio).
A spokesman said yesterday that Boehner had not yet received a satisfactory response from Treasury.
The government previously committed some money from the second $350 billion as part of the aid package announced Dec. 19 for automakers General Motors and Chrysler. The Bush administration extended $13.4 billion in immediate loans from the first half of the rescue package and promised another $4 billion in loans from the second half of the package. But the $4 billion is conditional on Congress approving the second half of the rescue package.
The investment in GMAC, by contrast, has already been made.
