Obama pushes for additional bailout money

By: AP | News Channel 7
Published: January 14, 2009

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WASHINGTON (AP) - It looks like President-elect Barack Obama is a winner in his first major showdown on Capitol Hill.

Obama went to the Capitol to deliver a pre-inauguration threat -- if lawmakers don't approve the second half of the $700 billion financial rescue package, he'll use his first veto to make sure he gets the money.

That, coupled with a promise to refocus the bailout on helping Main Street, seems to have done the trick. Several Democrats say it looks like Congress will OK the cash before the end of the week.

Obama also is urging lawmakers to act quickly on the massive economic stimulus measure his aides have been negotiating with congressional officials. It will blend federal spending with tax cuts, and could reach $1 trillion in size.

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