• Home
• /
• Business

US Treasury chief weighs next 350 bln for bailout

The request for 350 billion dollars comes against a background of criticism over how the funds have been managed so far, the paper wrote.

It noted that a congressional watchdog issued a critical report on Tuesday that said the Treasury's rescue program lacked transparency and needed stricter internal controls.

If Paulson were to request the next installment, he likely would do so next week, the paper said on its website. And if market conditions deteriorate further, he would do so despite disagreements with lawmakers about how to use the funds.

While Paulson favors directing the bailout money to financial institutions, Democrats in Congress want the package spread wider to help the ailing auto industry and homeowners facing foreclosure.

White House aides have approached president-elect Barack Obama's team this week about a bipartisan meeting on the issue, one that would include lawmakers, the paper reported, citing an Obama aide.

But Obama's team had not committed to the meeting, the paper said.

The Troubled Asset Relief Program (TARP) was approved by Congress and launched on October 3 in the wake of the worst economic crisis since the Great Depression of the 1930s.

It has poured billions of dollars into financial institutions and through its capital purchase program (CPP).