Looks like President-elect Barack Obama is headed for a throw-down with the Democratic-controlled Congress. Obama wants lawmakers to serve up another $350 billion to help stimulate the economy, saying that this is what’s needed to ensure that the average American feels the impact of the recovery plan. Even Republican President Bush asked Congress to honor Obama’s request. But the Republicans in the House and Senate appear to be locking in for battle. “If we all thought that throwing in an extra $350 billion would solve all the problems in the economy, that would be one thing,” said Rep. Jeb Hensarling (R-Texas), a member of the House Financial Services Committee. “But last time I looked, there’s still a lot of questions about whether this plan has been effective.” And both John Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.) have said it is unlikely that they will support the request, which would make the $350 billion available to the Treasury Department about two weeks after Congress OK’d the deal. But Republicans aren’t the only ones who have expressed doubt about the plan. Obama has been working overtime to convince the American public that he is doing more than throwing good money after bad money.  It would be “irresponsible for me to enter into the administration without any potential ammunition should there be some sort of emergency or weakening of the financial system,” he assured, noting that the shaky economy demands that they act “both quickly and wisely. My commitment is that we are going to fundamentally change some of the practices using this next phase of the program.” Said Sen. Dick Durban (D-Ill.): “We’re not going to presume that we’re in a strong position because we’re not. There are a lot of people who are critical … of the first $350 billion spent by the Bush administration.” Senate Majority Leader Harry Reid (D-Nev.) signaling that he might stand by the incoming administration on the bailout plan, said that “the American people have a right to be wary of this request,” but he is encouraged by Obama’s plans for the money.

TAGS: $350 billion, bailout, obama, tax plan

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