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Two senators wary about TARP funding outlook
WASHINGTON |
WASHINGTON (Reuters) - Two veteran U.S. senators on Tuesday said the White House's request for access to the next $350 billion in funding for the $700 billion federal financial industry rescue faces an uphill climb in the Senate.
Winning release of the funding is "going to be a challenge because many who voted for TARP the first time are skeptical," Illinois Sen. Richard Durbin, assistant Senate Democratic leader said, referring to the Troubled Asset Relief Program (TARP).
Utah Republican Sen. Orrin Hatch told Reuters there likely will be enough Senate votes to approve a resolution rejecting the funding request, which was filed by President George W. Bush on Monday on behalf of President-elect Barack Obama.
"I think they have the votes to do that ... There's a lot of upset about this," Hatch said.
(Reporting by Kevin Drawbaugh, editing by Maureen Bavdek)
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