Obama has not asked for US$350 bil. bailout: Bush

“I told him that if he felt that he needed the US$350 billion I would be willing to ask for it,” Bush told a news conference at the start of his last full week in office.

“He hasn't asked me to make the request yet and I don't intend to make the request unless he specifically asks me to make it,” Bush said.

Aides to Obama, who takes office on Jan. 20, have been in discussions with the White House and Congress on seeking to use the remaining funds from the bailout, which was approved last year and is aimed at shoring up the troubled financial sector.

But many lawmakers have criticized the Bush administration over how the first US$350 billion of the fund was used.

Bush also defended his administration's response to the economic crisis, saying that the markets are starting to thaw. “Credit spreads are beginning to shrink, lending is just beginning to pick up,” he said. “The actions we have taken, I believe, have helped thaw the credit markets, which is the first step toward recovery.”

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