Even before Barack Obama became President, he had already gained his first big White House win.
Last week, by a 52-42 vote, the Senate approved the release of the second half of the financial industry bailout fund.
The bill was written so that congress did not have to “release” the second half, but simply block a request for the funds if they felt necessary. There was much hesitation to do so, on the part of both Democrats and Republicans, due to disapproval of the George Bush administration's squandering of the first half.
Obama and his transition team, including lead economic advisor, Lawrence Summers, made a number of trips to Capital Hill and wrote two letters addressing the issues causing Congress’s hesitation.
Before the vote on Thursday, they were assured that not only would there be far more transparency and accountability as to where the money will be spent, but they were promised $50 to $100 billion of it would go to addressing the foreclosure crisis.
While the Senate voted yes on the release, the House spent the week prior to Obama’s inauguration working on another $825 billion stimulus measure. Though much haggling between Democrats and Republicans remains to be done, Speaker Nancy Pelosi still hopes to have a bill on the President’s desk come February.
The first win for the new administration left many feeling hopeful.
Obama’s soon to be Chief of Staff, Rahm Emmanuel said, “This was the first play of the game, and we threw an 80-yard pass.”
