USA - FINANCE

Bush to request bailout funds on successor's behalf

US President George W. Bush will ask Congress for the second half of a 700-billion-dollar financial bailout fund following a request from President-elect Barack Obama.

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AFP - US President George W. Bush will ask Congress for the second half of the 700-billion-dollar financial bailout fund after receiving a request from his successor Barack Obama, the White House said on Monday.

"This morning, president-elect Obama asked President Bush to formally notify Congress, on his behalf, of his intent to exercise the authority under the Emergency Economic Stabilization Act to access the last tranche of 350 billion in funding for Treasury programs addressing the financial crisis," the White House said in a statement.

"President Bush agreed to the president-elect's request."

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