The Marker in Congress Has Been Thrown Down

Congress has told the White House it must find the funds to bail out Detroit out of the TARP money – that $700bn package reserved for the financial industry – or there may be no money forthcoming. Thus far, Hank Paulson at Treasury and the White House have resisted such calls.

And a fine time it is to suddenly think you’ve grown a set: the president is leaving office in a matter of days and it won’t be his problem any longer. Why should he give a shit? It’s not like he’s shown any level of interest in the economy up till now. Not exactly a powerful position from which to throw down an ultimatum. We’ll see what happens, but if I were Harry Reid, I’d start twisting arms in the Senate to get something which provides real oversight in the bailout package that is inevitably going to need to pass through Congress.