White House likely won't ask for more bank-rescue money

05/5/2009 | MarketWatch

The Obama administration "doesn't believe that we need to go to Congress right now looking for more money" for bank rescues, said Robert Gibbs, spokesman for the White House. His comments come as bank regulators and Treasury officials complete stress tests of the nation's 19 largest banks. The findings are expected to indicate that some banks need to raise capital. "I think everyone involved will be looking for banks to raise this through either private means or the selling of some assets that they have or that they control," Gibbs said. "They'll have a certain amount of time to put together a plan that meets the test of regulators to ensure that stability."

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