Fearing Rejection, Bush Backs Off Bailout Request

Per my post earlier today [1], this is huge news [2] if it holds:

Nov. 17 (Bloomberg) -- The Bush administration told congressional aides it won't ask lawmakers to release $350 billion remaining as part of the $700 billion U.S. financial- rescue package, people familiar with the matter said.

The administration of President George W. Bush ends in less than 10 weeks, and a delay in requesting the cash would leave it to President-elect Barack Obama to tap remaining cash in the bailout money.

This is a really big win for all of us who ignored the elite media's drum-beating for the bailout and kept the pressure on Congress. We'll have to keep up the pressure should Bush try to go back to the trough, or should Obama continue the Bush version of this bailout when he takes office.

And by the way - there's $350 billion right there that should be added to a robust progressive economic stimulus package. Or, perhaps, to a universal health care plan (a back of the envelope calculation suggests that would cover about 3 or 4 years of such a plan).