The president-elect says Congress needs to release the money immediately.
President Elect Barack Obama is calling on Congress to act quickly in releasing the second half of the $700 billion financial rescue package. He says he would use his first veto to ensure lawmakers release all of the money.
"If it doesn't go through, it would be bad for the market," says University of Houston economics professor Barton Smith. "I think the market has already priced into it the assumption that it will happen."
Smith says the markets could plummet again if lawmakers and the Treasury do not agree on how to spend the money by the end of January.
"The legislation has been passed. Now it's just a matter of approving the second half of the package," Smith adds. "It could be done quickly, and it should be done quickly."
Analysts say they worry that lawmakers and the leaders of the Treasury Department will not reach an agreement in time to prevent another sharp decline in the markets. Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke have already changed their minds several times on how to use the money, Smith says.
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