Senate Minority Leader Mitch McConnell, R-Ky., said Summers and Rahm “did not represent they are in favor of industrial policy.” [....] In the House, Financial Services Committee Chairman Barney Frank, D-Mass., said Summers assured him that Obama would commit a significant portion of the bailout money to foreclosure relief. [....] One major provision would require that the new administration spend between $40 billion and $100 billion on reducing the number of foreclosures.“ [....] Summers this week submitted a three-page letter to congressional leaders as part of Obama’s request for the money that outlined the Obama economic team’s goals.
news.yahoo.com/s/ap/20090115/ap_on_go_co/obama_bailout
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