Administration says more bailout money could be used

WASHINGTON (AP) -- When the Obama administration takes office, it won't necessarily find $350 billion left over from the $700 billion financial system bailout approved by Congress.

Bush administration officials earlier said half of the bailout money would be left for the new administration. But a White House spokesman now says Treasury officials could re-think that decision.

President Bush today defended the government's rescue of Citigroup as necessary to "safeguard the financial system" and help the economy recover. And Bush said there could be more moves like that if other institutions need help.

The government is agreeing to plow a fresh $20 billion into Citigroup, and to shoulder hundreds of billions of dollars in possible losses at the company.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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