Senator Bond goes to the Senate floor to charge the Bush administration is mishandling the 700-billion dollar bailout plan approved by Congress in October.
Bond thinks the Treasury Secretary will be asking soon for the second half of the bailout funds Congress will have 15 days to pass a disapproval motion. Bond says the Treasury Department’s track record with spending the first half of the Troubled Asset Relief Program funds leaves no confidence the Treasury Secretary will be responsible with the second half.
Bond says the administration is will have to prove it has addressed some serious issues.
Bond says the General Accounting Office has pointed to the department’s failure to track the taxpayer money that has gone to the banks—and cannot tell taxpayers how their money is being spent and whether it is being spent in an acceptable manner. He says the Bush administration–or the new Obama administration–submits a request for the rest of the money, Congress better have some answers to the questions raised by the GAO.