The Senate voted narrowly today to permit President-elect Barack Obama to spend another $350 billion to stabilize the fragile U.S. financial system.Obama has to do a better job with these funds than Bush did. He better.
On a vote of 52 to 42, the Senate defeated a resolution that would have blocked the second half of the money from a $700 billion financial rescue program from flowing to the U.S. Treasury Department.
The vote was a victory for Obama, who made personal appeals to deeply skeptical lawmakers in recent days to try to rally support. Obama's economic team says the money is urgently needed, along with a massive spending package, to restore health to financial markets and the slumping economy.
The Senate's defeat of the resolution to disapprove the funds means the money will be available to Obama about a week after he takes office Tuesday.
UPDATE: The effort to prevent Obama from using the funds, S.J. Res 5, was sponsored by...Senator David Vitter (R-LA). Yes, David Vitter from the D.C. Madam scandal. It seems like Vitter is becoming the titular head of the Senate Republicans.
NOTE FROM JOHN: Joe is being nice. Vitter is in fact the conservative Republican family values Senator who cheated on wife by having sex, repeatedly, with a paid hooker. Well, in all fairness, that's not totally accurate. Vitter committed adultery with numerous paid hookers. The Republicans truly have no shame when it comes to picking their leaders.
