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CNN Reports-President Elect Barack Obama
January 14th, 2009 1-20-2009 Barack Obama News Section none Comments

CNN Reports-President Elect Barack Obama is having enough trouble getting fellow Democrats to release the second half of the $700 billion bailout, but now he has a growing Republican problem, too.
Barack Obama is facing bipartisan opposition to his plans for the bailout funds.

Barack Obama is facing bipartisan opposition to his plans for the bailout funds.

Barack Obama is facing bipartisan opposition to his plans for the bailout funds.

Barack Obama is facing bipartisan opposition to his plans for the bailout funds.

Some half a dozen Republican senators who voted for the financial rescue in the fall tell CNN that they plan to oppose it this time.

Obama has already told members of his party he would veto any attempt to block his access to the remaining balance under the Treasury Department’s $700 billion Troubled Asset Relief Program, or TARP.

Democrats and Republicans have expressed reservations about releasing the remaining funds, citing displeasure with the way the first half was handled.

“I think it would be very difficult voting for the TARP funds because in the first $350 billion, there was no transparency. We don’t even know how it was spent,” Nevada Republican Sen. John Ensign told CNN.

Ensign said he believes most Senate Republicans will oppose approving the rest of the bailout funds.

In fact, three Republican senators tell CNN that some participants in Tuesday’s GOP lunch urged Republicans to unite in opposition to Obama on this issue.
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The senators, who asked not to be named because it was a private meeting, said the GOP argument in opposing the bailout funds is to make Democrats “own” the issue — and put pressure on them to handle the controversial money more responsibly.

Many Republicans say they were angry that President Bush used the money for the auto industry, and they disagree with proposals to spend the money on other industries beyond the financial sector.

GOP sources say another factor fueling their opposition is how much political trouble this issue caused several Republican senators in the fall elections.

Texas Republican John Cornyn told CNN he got pounded in his re-election bid for voting yes on the Wall Street bailout. He said that,