President Bush today asked Congress to dole out the second installment of the $700 billion allocated for the Troubled Asset Relief Program.

The Obama team apparently “gave the signal” that it wanted Bush to ask for the $350 billion.

This is what would be called a slippery political situation. One the one hand, Bush has the political cover to ask for the additional $350 billion because the Obama people have given him the “signal.” Yet, at the same time, the Obama administration after it takes office can throw political mud at Paulson for requesting the $350 billion. Sure, Bush will claim he was doing Obama’s bidding, but how does that really sound?

The upshot of this maneuvering in advance of Obama’s inauguration on Jan. 20 is that the Obama team has not spelled out its post-Bush TARP strategy. Asking for the funds in advance of that seems to me to be putting the cart before the horse. Why would Congress forward the funds if it doesn’t have Obama’s full plan in hand?

Slippery indeed.