Obama pushes for additional bailout money - KWWL - Eastern Iowa Breaking News, Weather, Closings

Obama pushes for additional bailout money

WASHINGTON (KWWL) - With a week to go before he takes office, President-elect Barack Obama is putting his powers of persuasion to a high-stakes test.

He was on Capitol Hill Tuesday, asking Democratic senators not to stand in the way of an additional $350 billion in bailout money for the financial industry.

Democratic Senator Charles Schumer says the bailout is something that "nobody wants to do," but that Obama made the case that it's "necessary."

Lawmakers say Obama promised to correct what they saw as problems with the way the Bush administration handled the money.

Obama's transition team is ready to send top aides to meet with Senate Republicans this week, ahead of a possible vote Thursday on whether to release the second $350 billion.

Online Executive Producer Nate Leding

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