WASHINGTON - US TREASURY Secretary Henry Paulson is mulling whether to ask Congress for the next part of a controversial US$700 billion (S$1.07 trillion) financial bailout package, the Wall Street Journal reported Wednesday.
The request for US$350 billion comes against a background of criticism over how the funds have been managed so far, the paper wrote.
It noted that a congressional watchdog issued a critical report on Tuesday that said the Treasury's rescue program lacked transparency and needed stricter internal controls.
If Mr Paulson were to request the next installment, he likely would do so next week, the paper said on its website. And if market conditions deteriorate further, he would do so despite disagreements with lawmakers about how to use the funds.
While Mr Paulson favors directing the bailout money to financial institutions, Democrats in Congress want the package spread wider to help the ailing auto industry and homeowners facing foreclosure.
White House aides have approached president-elect Barack Obama's team this week about a bipartisan meeting on the issue, one that would include lawmakers, the paper reported, citing an Obama aide.
But Mr Obama's team had not committed to the meeting, the paper said.
The Troubled Asset Relief Program (TARP) was approved by Congress and launched on Oct 3 in the wake of the worst economic crisis since the Great Depression of the 1930s.
It has poured billions of dollars into financial institutions and through its capital purchase program (CPP). -- AFP
