Obama pushes stimulus plan, bailout funds

Jan. 13, 2009 at 4:33 PM   |   Comments

WASHINGTON, Jan. 13 (UPI) -- U.S. President-elect Barack Obama, at lunch Tuesday with Democratic senators, discussed how his administration would spend the remaining federal bailout funds.

Obama also asked the Senate to move quickly on an economic stimulus bill, CNN reported.

Sen. Chuck Schumer, D-N.Y., the Democratic caucus's vice chair, said that the financial bailout funds will be provided as long as his colleagues are satisfied on how they will be used.

"The only way it can get done is with President-elect Obama working hard at it," Schumer said. "We believe he is."

Schumer said he expects the Senate to modify the stimulus plan, with more tax credits to encourage environmentally friendly investment. He said that a plan to provide tax credits for business that create jobs is unlikely to survive.

Some Democrats appear unhappy with members of Obama's economic team, The Hill said. Sen. Bill Nelson, D-Fla., speaking at a confirmation hearing for Peter Orszag, the nominee to head the Office of Management and Budget, said he needs more specific spending plans.

"I would think that in this era of freshness and transparency the new administration would want to come forth with detail instead of this mumbo jumbo that is going on," Nelson said.

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