January 15th, 2009
04:58 PM ET
14 years ago

Senate approves release of additional $350B for bailout

WASHINGTON (CNN) - The Senate voted Thursday afternoon to release the remaining $350 billion dollars of the Troubled Asset Recovery Program (TARP) bailout fund.

The Senate's 52-42 rejection of a resolution of disapproval on the release of the funds means that President-elect Barack Obama can spend the money with no additional restrictions.


Filed under: Candidate Barack Obama • Economy • Senate
soundoff (81 Responses)
  1. lawrence

    Looks like the economy is going to stay in the crapper for the time being. I guess people do not learn from history that government bailouts and government programs do not help the economy but prolong economic suffering.

    January 15, 2009 06:04 pm at 6:04 pm |
  2. RAAGOS

    GOOD NEWS FOR ALL OF US .THEY HAVE SPEND JOBSSSSS

    January 15, 2009 06:25 pm at 6:25 pm |
  3. carol

    Thank goodness for that, can PE Obama now get his plan into action and do what he wants to get this country working again?

    January 15, 2009 06:34 pm at 6:34 pm |
  4. Simmy

    We've got ourselves a real President now!
    This man is about getting things done – I love it!

    This is how they voted:

    For: 45 Democrats – 6 Republicans – 1 Independent
    Against: 8 Democrats – 33 Republicans – 1 Independent

    P.S. Shouldn't the "i" in Independent have been capitalized?

    God bless Americans!

    January 15, 2009 06:39 pm at 6:39 pm |
  5. SM

    I hope this one goes to the people who need it, and not into the pockets of CEOs.

    January 15, 2009 06:42 pm at 6:42 pm |
  6. annie the Democrat

    Why are they approving the use of this money when they still can't account for the money that has already been spent?

    January 15, 2009 06:44 pm at 6:44 pm |
  7. RJ

    More tax payer money down the drain.
    It will do nothing.

    January 15, 2009 06:45 pm at 6:45 pm |
  8. Liberals hate themselves

    Yeah, now our kids can inherit more of a mess. If the government would just stay out of it, the economy will correct itself without the huge cost!

    January 15, 2009 06:46 pm at 6:46 pm |
  9. scdemocrat

    Hey JK you do know that it was Bush, a REPUBLICAN who took our tax dollars, well let me clarify that, he took our future tax dollars, borrowed from the Chinese to bail out the banks. Take off the blinders guy.

    January 15, 2009 06:46 pm at 6:46 pm |
  10. ssb

    Finally...we will have a real president as of Tueday!

    January 15, 2009 06:47 pm at 6:47 pm |
  11. A Really Conservative Realist

    YOU CANNOT LEGISLATE THE POOR INTO FREEDOM BY LEGISLATING THE WEALTHY OUT OF FREEDOM. WHAT ONE PERSON RECEIVES WITHOUT WORKING FOR, ANOTHER PERSON MUST WORK FOR WITHOUT RECEIVING.

    THE GOVERNMENT CANNOT GIVE TO ANYBODY ANYTHING THAT THE GOVERNMENT DOES NOT FIRST TAKE FROM SOMEBODY ELSE. WHEN HALF OF THE PEOPLE GET THE IDEA THAT THEY DO NOT HAVE TO WORK BECAUSE THE OTHER HALF IS GOING TO TAKE CARE OF THEM, AND WHEN THE OTHER HALF GETS THE IDEA THAT IT DOES NO GOOD TO WORK BECAUSE SOMEBODY ELSE IS GOING TO GET WHAT THEY WORK FOR, THAT MY DEAR FRIEND, IS ABOUT THE END OF ANY NATION.

    YOU CANNOT MULTIPLY WEALTH BY DIVIDING IT.

    January 15, 2009 06:49 pm at 6:49 pm |
  12. boered1

    Well we saw what bush did with his haqlf 9gave it to wall street and banks with no strings attached) now let us see what obama does with his half....

    It is nice of Congress to release this tool for Obama to use if he feels it is needed, after all they allowed bush to have the option on the table to invade a soverign country if needed and that worked out sooo well.

    idiots

    January 15, 2009 06:56 pm at 6:56 pm |
  13. Jason from Syracuse, New York

    Good. Now let's hope that this new president does not squander it as the old one did. I have faith in you Obama. Don't let me down. (Also, let's waterboard cheney and get those emails back...just kidding.)

    January 15, 2009 06:56 pm at 6:56 pm |
  14. Gary, Georgia

    We are the road to HELL! The politicians in Washington are going to spend OUR tax dollars anyway they want. God help the USA!!

    January 15, 2009 07:00 pm at 7:00 pm |
  15. Dorothy in NC

    I applaud the Senate for its' vote today. President elect Obama has enough problems to deal with/ Now he can at least have a little leeway on where the money will be best used.
    He is a brilliant person and he will do well.

    Our society and way of life as we know it is dying. No jobs, no prospects of being hired, an economy that is a mess, wars everywhere, and it feel like this country has been forsaken because rebuilding Iraq has been more important than rebuilding our own problematic infastructure.

    Obama will need this money to help our countries situation and I can't imagine how he will figure out where to begin. The best thing about this transition is......we now have hope.

    January 15, 2009 07:18 pm at 7:18 pm |
  16. Desmond Sequeira

    Accountability is the KEY, Isn't it?!!! Exactly what was done with the first $350 Billion ? Obama needs to be sure it was properly used and then make sure this batch is too! WE ARE TALKING ABOUT BILLIONS, FOR GOD'S AND OUR SAKES!!!

    January 15, 2009 07:25 pm at 7:25 pm |
  17. phil

    obama is great. may God help him

    January 15, 2009 07:26 pm at 7:26 pm |
  18. chuck

    The Republicans are so battered that they brains are malfunctioning. George Bush has destroyed country,bodies,souls,and spirits. Go figure. Thank God for President Barack Obama a person for all seasons.

    January 15, 2009 07:27 pm at 7:27 pm |
  19. Larry C. in Houston TX

    They will be wanting more Bailout Money sometime around June 09.
    and, of course, we will approve it,

    January 15, 2009 07:27 pm at 7:27 pm |
  20. Concerned American Citizen

    Great now let's see how that money helps the Average American citizen will the taxpayer get any of this money or will the coporate gluttons soak it up and expect us too still foot our debts with them.

    January 15, 2009 07:29 pm at 7:29 pm |
  21. Larry

    Well not only will our grandchildren be paying on this,now our great grandchildren will be paying , too.

    January 15, 2009 07:31 pm at 7:31 pm |
  22. Outspoken

    GOVERNMENT SPENDING DOES NOT GET PEOPLE WORKING. ONLY PRIVATE SECTOR SPENDING DOES THAT. DIDN'T WE LEARN ANYTHING FROM THE GREAT DEPRESSION? We're making the exact same mistakes. We're trying to SPEND our way to prosperity. Good luck with that!!

    January 15, 2009 07:31 pm at 7:31 pm |
  23. sandee in Portland

    Thank God! Now PE Obama can get to work on maybe bringing our country back.

    @JK Ashburn, VA .....incoming Socialists? LOL, the Socialists are now on their way out (the so called Republican Party members including Bush). They're the ones that increased government for the past 8 years as well as spending. There is an old saying though...you have to spend money to make it! I think PE Obama's plans will do just this.

    January 15, 2009 07:42 pm at 7:42 pm |
  24. ty

    Does Rick Warren know that the Church Age has come to an end ?

    January 15, 2009 07:42 pm at 7:42 pm |
  25. I'm Independent now

    If you rebublicans could have stood together, you could have blocked this. Now these banks are free to cover up the rest of their fraud.
    Thanks Guys.

    January 15, 2009 07:43 pm at 7:43 pm |
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