Washington Post, January 16, 2009:

Senate Votes To Release Bailout Funds To Obama

In a personal pitch to Democratic senators this week and in two letters sent to lawmakers by his top economic adviser, Lawrence H. Summers, Obama has pledged to focus the rest of the TARP funds on homeowners and credit markets, and to bolster oversight of companies participating in the program.

Summers also vowed to dedicate $50 billion to $100 billion to a “sweeping effort” to reduce foreclosures. And he assured lawmakers that Obama “has no intention of using any funds to implement an industrial policy,” a reference to the concerns of many Republicans that the money would be used to prop up the failing auto industry, which has been awarded a small share of the funds.

Washington Post, January 16, 2009:

Obama Outlines Conditions for Automaker Aid

President-elect Barack Obama said yesterday that the nation’s struggling automakers must develop sustainable business models that set realistic production goals focusing on fuel efficiency in order to qualify for continued federal assistance from his administration.