President-elect Barack Obama urged Democratic Senators in a meeting today to approve the remaining $350 billion of the financial bailout package saying the money was essential to helping the economy.
Obama visited the U.S. Capitol today and during a closed-door meeting with senators, who spoke with reporters after the session.
Senators said Obama pledged to correct what they believe were shortcomings in the management of the first $350 billion bailout given by the Bush administration. He also said he would veto any attempt to block his own administration's use of the funds, the lawmakers said to reporters.
Obama made the formal request for the money to President Bush on Monday. Bush will request the funds to the Congress which has 15 days to approve or reject it. Senators said a vote could be made later this week.
Obama may have the funds at his disposal by the time he is inaugurated as President in one week.
Congress has been critical about the way the current money has been spent, especially that it has not been tracked well. The second $350 billion fund will come with additional restrictions for Obama which he has said, he supports.