President Bush asks Congress to release the last $350 billion of rescue capital
While President George Bush may be on his way out, one of his last acts as president of the United States was to ask Congress to release the last $350 billion worth of rescue finance for the US economy. As with the UK, although on a much grander scale, the US economy is yet to react to the hundreds of billions of dollars which have been poured into the economy over the last 12 months. The housing situation in the US is getting worse, businesses are falling like stones and general US residents are struggling to make ends meet.
As the President-elect Barack Obama looks to join office on 20 January he will have one of the most difficult tasks in US economic history. He could literally be left to pick up the pieces of President George Bush's term in office and the hundreds of billions of dollars which taxpayers will have to repay to the US government in due course. Many are suggesting that Obama will go down as one of the worst presidents of all time due to the very fact he has inherited one of the worst economies of all time.
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