Senate Votes to Give Obama Free Rein Over Bailout Spending

The Senate voted this afternoon to grant the incoming Obama administration the remaining $350 billion from the Wall Street bailout — sans restrictions.

The count was 52 to 42 against a measure to block the funding.

The vote was largely symbolic. That is, President-elect Barack Obama could veto a disapproval and still receive the funds. Still, after so much criticism of the Bush administration over its mishandling of the first $350 billion in bailout spending, you’d think that Congress would want to take steps to ensure that the White House — even a Democratic White House — puts the cash where Congress intended it.

Indeed, the House has taken another route. Democrats in the lower chamber are expected to vote later today on a proposal to restrict bailout spending. That, too, is a symbolic gesture. The Senate has no intention of taking up the House bill.