January 27, 2009

The Obama administration faces a highly skeptical Congress and an angry public if the foundering condition of the nation's banks requires yet another massive infusion of taxpayer money.The new president's economic team, lawmakers say, must first prove that $350 billion already at its disposal can help unlock credit and slow the rate of foreclosures — and do it with more transparency and oversight.

"My advice to the administration is we've just given you 350 (billion); handle this well, focus on this," Senate Banking Committee Chairman Christopher Dodd, D-Conn., said Monday. "The last thing I need right now is to have a request for additional funds before you convince me you can manage this well, which I'm confident they can.