January 13th, 2009
03:27 PM ET
11 years ago

Obama issues veto threat, senators say

ALT TEXT

Obama met with Senate Democrats on the Hill Tuesday (Getty Images)

(CNN) - President-elect Barack Obama tried to convince Senate Democrats to get behind his plan for the second half of the $700 billion bailout, warning he would veto a threatened disapproval resolution, according to senators who met with him.

Obama on Monday asked President Bush to inform Congress of his intent to use the remaining balance under the Treasury Department's $700 billion Troubled Asset Relief Program, or TARP. Bush sent a request to Congress on behalf of the incoming administration.

Obama met with Senate Democrats on Capitol Hill to make his case for how he wants to spend the funds and to rally support for his economic stimulus plan.

Obama attended the weekly lunch of Democratic senators in what was his final visit to the Senate before his inauguration next week.

Obama took about 15 questions, many of which were from Democrats skeptical of TARP, senators in the meeting said. Obama repeatedly promised to make the process more transparent, they said.

Republicans and Democrats have said they were upset by how the Treasury Department spent the first allotment of $350 billion.

Those voicing concerns said they don't feel like there was enough accounting for where the money went. Some Democrats also said homeowners facing foreclosure aren't getting enough help.

Obama made clear that he doesn't want to issue a veto as one of his first actions in office, but he insisted that he has no choice, senators said.

Sen. Chris Dodd, chairman of the banking committee, reminded fellow Democrats what a bad political situation it would be to pass the disapproval resolution and force Obama use his veto pen on that as one of his very first acts, senators said.

While some Democrats said they felt more comfortable after meeting with Obama, others said they still have a lot of questions and are still unsure how they will vote on TARP.

U.S. Rep. Barney Frank, D-Massachusetts, and his House Financial Services Committee met Tuesday to look at how the TARP money has been spent so far.


Filed under: Congress
soundoff (95 Responses)
  1. Marie banderas

    We, the american peoples, are upset TOO, with how the first half was spent and no one knows for sure where, however, PLEASE, give Obama a chance ! My goodness, this in fighting has to stop..the American people have elected OBAMA, worry more about what we are going to say, and who we elect to replace you if you continue to disagree with the peoples PE..Obama isnt even in office yet, and even the democrats are fighting with him ??? well, you democrats can be replaced TOO..I am more than willing to give Obama a chance, why arent you ???????

    January 13, 2009 05:01 pm at 5:01 pm |
  2. Mel of Alexandria, Virginia

    I love the Dems. They take seriously individual choice and responsibility.That is how it should be, so long as they do not allow individual choice to stand in the way of what is best for the Nation. The good of the whole is bigger than than each one of us. If those who object have a better plan, let it be known. If not, say your peace and get with the program.

    January 13, 2009 05:04 pm at 5:04 pm |
  3. ah

    I wonder how much money -if any-would be left for emergency needs if he will use the remaining balance?

    January 13, 2009 05:07 pm at 5:07 pm |
  4. jtheplumber

    I am proud of you SON!!

    January 13, 2009 05:09 pm at 5:09 pm |
  5. Jazmyn

    Good Job Mr. president. Now the country can get moving in the right direction..

    January 13, 2009 05:09 pm at 5:09 pm |
  6. Jazmyn

    Good Job Mr. president. Now hte country can start moving in the right direction!!!

    January 13, 2009 05:10 pm at 5:10 pm |
  7. Wedge

    So, here's to change...Apparently doing exactly what Bush was doing beforehand, and even vetoing nonbinding resolutions to boot.

    January 13, 2009 05:13 pm at 5:13 pm |
  8. HAHAHA!

    Nothing different between Bush and Obama when it comes to this...

    January 13, 2009 05:16 pm at 5:16 pm |
  9. WELCOME TO THE OBAMA SHOW!!!!!!!!!!!!

    HUISSAIN OBAMA WILL NOT HAVE A PROBLEM GETTING ANY SPENDING PROJECT THROUGH PELOSI AND REID.

    HOPEFULLY SOME OF THE DEMS WILL WAKE UP AND HELP THE REPUBLICANS STOP THIS!!!!!!!!!!!

    January 13, 2009 05:18 pm at 5:18 pm |
  10. New Yorker

    THOUSANDS OF US TRAVELED BY CAR, BUS, TRAIN OR

    PLANE TO GET THIS MAN ELECTED. SOME OF US TOOK

    MONTHS OFF WITH NO PAY. SOME OF US HAVE LOST OUR

    JOBS SINCE THEN & WE ARE READY TO DO IT AGAIN IN ORDER

    TO MAKE IT POSSIBLE FOR HIM TO PUT IN PLACE POLICIES THAT

    WILL GET THIS NATION ON TRACK AGAIN. ANY ELECTED LAW

    MAKER THAT PRACTICES PARTISAN POLITICS & ATTEMPTS TO

    DERAIL OUR DREAM FOR THIS NATION, WILL SEE PLENTY OF US

    THROUGH THEIR STATES WELL BEFORE THEIR ELECTION DAY.

    January 13, 2009 05:18 pm at 5:18 pm |
  11. shoegazer

    Showing that he is the boss is a bold move but the allotment of
    $350 million better be explained thoroughly.

    January 13, 2009 05:18 pm at 5:18 pm |
  12. Ravi in MO

    Go get 'em Mr. President (elect)! You have the power to make those morons realize that bipartisanship is what the People want, not partisan bullying. I absolutely can't stand Harry Reid.

    January 13, 2009 05:20 pm at 5:20 pm |
  13. Cam, Atlanta

    OBAMA'S ABOUT TO "FLEX" SO BLOCKERS AND HATERS GET OUT THE WAY!

    January 13, 2009 05:24 pm at 5:24 pm |
  14. Dexter in Houston TX

    Come Democrats, you finally have someone in charge with vision to better this country and you are afraid to make real change!

    GROW A PAIR!

    January 13, 2009 05:27 pm at 5:27 pm |
  15. carol

    Obama knows what he's doing and it is sad that he isn't being given a chance by folks....well, I guess they are so used to a badly run country the thought of someone who may actually know what he's doing is too much.
    What a shame these same folks weren't screaming at their man Bush as he ran the country into the ground, well, it's a new dawn and a new President and a new outlook for this country and I for one can't wait to see him as President.

    January 13, 2009 05:29 pm at 5:29 pm |
  16. Craig R. Lane

    Too bad Mr. Dodd doesn't consider that the first $350 BILLION to vanish into thin air is also a bad political situation. The second half to disappear is an even worse political situation. Especially since I don't see how it is helping at all. They, (idioits in Congress), don't know where the money went. They can't tell us if it had any impact because they don't know what the banks did with OUR money. they wanted a plan and all that from the big 3 for only $34 BILLION, (of which I think that all they have ended up loaning is $14 BILLION). But for $700 BILLION we get no over-sight, no accountability. Paulson tried to get the money and tried to make it a law that there would be no over-seeing or second-guessing him with regards to how he pissed the money away. he didn't get that, but I guess that was the mis-direction required to ensure that no actual over-sight measures would be written into the law. They know who it went to but not what those folks did with it. The banks are REFUSING to say what happened to the money. Really, they REFUSE!!! As far as anybody knows they haven't done anything with it. At least not anything having to do with helping this country and her people. Has anyone not been foreclosed on because of the "bailout"? Does Mr. Obama really represent the people of this nation? Does anybody still represent the PEOPLE of this nation? This is horrifying.

    January 13, 2009 05:30 pm at 5:30 pm |
  17. Jennifer, GA

    I know for a fact that had the sign worked, Bush would have taken the credit for it, so why can't the reverse be true? It didn't work, so he needs to take the blame for it.

    Note to W: Stop whining, grow up, go back to Crawford and leave us alone.

    I hate the Bushes. They have denial syndrome, and that denial has led us into the horrible state of the union.

    Don't rewrite history, just leave. Yuck.

    January 13, 2009 05:31 pm at 5:31 pm |
  18. Puff

    Veto this, Nobama..

    January 13, 2009 05:31 pm at 5:31 pm |
  19. Dexter in Houston TX

    TO: welcome to the obama show:
    Please enlighten us with a solution, if you can't you're a stupid as your message!
    Dx in Tx

    January 13, 2009 05:32 pm at 5:32 pm |
  20. Ann

    So Obama visits and says do it my way or I veto. Isn't that what Obama said he wanted to CHANGE since Bush constantly did that – do it my way or I veto? What change is that other than a different body doing the same threatening of my way or the veto pen?

    January 13, 2009 05:34 pm at 5:34 pm |
  21. No Incumbents 2010

    Spend and Tax, Tax and Spend – Change we can believe in.

    January 13, 2009 05:39 pm at 5:39 pm |
  22. Matthew, Houston, TX

    WELCOME TO THE OBAMA SHOW!!!!!!!!!!!! January 13th, 2009 5:18 pm ET

    HUISSAIN OBAMA WILL NOT HAVE A PROBLEM GETTING ANY SPENDING PROJECT THROUGH PELOSI AND REID.

    HOPEFULLY SOME OF THE DEMS WILL WAKE UP AND HELP THE REPUBLICANS STOP THIS!!!!!!!!!!!
    --------------------------------

    Just shut up, fool. Nobody really cares what you think because all you do is shout negative, disingenuous drivel. We know you hate PE Obama so you can just SHUT UP now. Criminently, you don't even know how to spell his middle name but you constantly use it as if that will convince us PE Obama is a bad person.

    Just SHUT UP!!

    January 13, 2009 05:43 pm at 5:43 pm |
  23. blair

    you go obama you go not even president yet and he is already letting the Government know they cannot stop him. Yes he can – he does not need the people or government any more. he is the man now so you all be d@@@.

    January 13, 2009 05:44 pm at 5:44 pm |
  24. Jason

    So now Obama is pulling a play out of the Bush playbook with the veto threat for perhaps Congress and the people disagreeing with him?

    This is the new politics that Americans voted for?

    January 13, 2009 05:54 pm at 5:54 pm |
  25. Mari

    Good for President-elect Obama! Some folks in Congress are already saber rattling!

    A WARNING TO CONGRESS: We the people, elected Barack Obama to lead our Nation out of the Bush Disaster! You all better get your acts together, agree to work together or..... We the People WILL throw you all out in the next election.

    The problem, said the Democrats "is that we did not have a majority" NOW you DO have the majority! And a Democrat as president .... SO GET TO WORK!

    January 13, 2009 05:54 pm at 5:54 pm |
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