CQ Politics:

By 42-52, the Senate rejected a resolution of disapproval (S J Res 5) designed to block release of the second half of the $700 billion Troubled Asset Relief Program.

A letter providing a more detailed outline of the conditions Obama plans to place on the TARP money reached Republicans Thursday afternoon. But most GOP senators still voted to block the money.

The letter, signed by Lawrence Summer, Obama's top economic adviser, promised that the new president would personally sign off on all allocations from the Troubled Asset Relief Program (TARP) created last October (PL 110-343).

Summers also outlined administration plans to direct a minimum of $50 billion toward foreclosure mitigation, increase transparency and place stronger reporting requirements on firms receiving funds.

Update: Summers's letter can be found here.