Obama plans to change TARP's direction

01/13/2009 | CNBC

President-elect Barack Obama said he will put the second half of the $700 billion Troubled Asset Relief Program toward helping small businesses and homeowners facing foreclosure, a dramatic change of focus for a plan originally aimed at stabilizing the financial markets. He has requested access to the funds in advance of his inauguration because he said he also needs to have the $350 billion ready to spend as "ammunition" in case the U.S. financial system gets even weaker.

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