Bush Says Bailout Effort Is Beginning to Work

Mary Lu Carnevale reports on politics. President George W. Bush , holding his final news conference before leaving office next Tuesday, said he would ask Congress for the additional $350 billion in bailout funds for the financial industry if President-elect Barack Obama wants him to do so. But Obama hasn’t asked yet. President George W. Bush at his final news conference Monday morning at the White House. (AP) The president said he’s “talked to Obama, and I told him if felt he needed the $350 billion, I would ask for it,” but Obama hasn’t asked. “The best course of action, of course, is to convince enough members of the Senate to vote positively for the, for the request,” Bush said. “And — and, you know, that’s all I can share with you, because that’s all I know.” Bush also said his administration’s actions to ease the financial crisis have begun to work. “Credit spreads are beginning to shrink, lending is just beginning to pick up,” he ... (link)