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Treasury to seek final bailout funds: report

WASHINGTON
Fri Jan 9, 2009 6:33pm EST

WASHINGTON (Reuters) - The U.S. Treasury Department is preparing to seek the final allotment of a $700 billion financial market stabilization fund, the Washington Post reported on Friday.

The transition team of President-elect Barack Obama is helping coordinate the request that will unlock about $350 billion in federal money to stabilize financial markets, the newspaper reports.

A Treasury request is needed to release the second half of the funds that were part of sweeping plan to calm markets.

While many lawmakers have criticized the Bush administration's use of the first allotment of funds, Democrats who control Capitol Hill are working closely with the Obama team to agree programs for the second half of the funds.

(Reporting by Patrick Rucker; editing by Gary Crosse)


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