Treasury Sees Auto Bailout as Gateway to $350 Billion

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As agreed upon in the inconsistently observed oversight rules for the Treasury Department’s $700 billion in TARP funds, the Congress must approve Treasury access to the second half of the sum. The first half was doled out mostly to failing banks, and only $15 billion remains. After the auto bailout went down last night, and the White House said it would push for using TARP funds instead, Treasury officials are hoping that acting on behalf of the Big Three will earn them enough Congressional good will to get at the second installment of the massive bailout fund.

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