Senate OKs release of bailout funds

WASHINGTON — A divided Senate has approved President-elect Barack Obama’s request for $350 billion in unspent financial bailout funds.

The 52-42 vote releases the money in the midst of rising foreclosures and a worsening climate for the nation’s banks. It marked Obama’s first legislative victory, days before he assumes office.

The vote came amid strong opposition from critics of how the first $350 billion has been spent.

Obama has said he wants to use the money to unclog the credit markets and extend loans to consumers, small businesses and municipalities.

Obama’s transition team said he also would use $50 billion to $100 billion of the money to reduce the number of foreclosures