WASHINGTON — Banks and other financial institutions might need more than the $700 billion in public money that has already been approved to repair the nation’s feeble credit system, Vice President Joe Biden said Sunday.
In his first appearance as vice president on CBS’s “Face the Nation,” Biden said Timothy Geithner will report quickly about the use of the second half of the financial-bailout funds soon after the Senate confirms him as Treasury secretary, possibly today.
“He will then report back to the president and to me as to whether or not he thinks that $350 (billion) is enough,” Bi den said. “But the first things first. We’ve got to spend more rationally, reasonably and transparently, to move the financial institutions, to loosen up credit.”
