Treasury Has Spent $350 Billion of Bailout Fund

By EDMUND L. ANDREWS

WASHINGTON — The Treasury Department said on Friday that it had used up the first $350 billion that Congress approved for its financial bailout program. But it made no move to ask Congress for the next round of money.

Instead, administration officials signaled that they were unlikely to ask for the money until at least January, when Congress returns with stronger Democratic majorities in both chambers. They may well punt on the issue and leave it for President-elect Barack Obama, who will be sworn in as president on Jan. 20.