President-elect Barack Obama plans to use the remaining half of the $700 billion bailout to help community banks, small businesses, and homeowners facing foreclosures. The first $350 billion was used to help stabilize large banks, a move which has been criticized because the use of the funds has not been made clear.

What It Means to You

There is a great deal of opposition in Congress to release the second half of the $700 billion. Obama is trying to get support to release it by promising it will be used to stop foreclosures and bankruptcies. He promises to work closely with Congress to draft how the funds will be used. There is still a chance, however, that both these funds and the $800 billion in Obama's Stimulus Package won't be approved by Congress at all. This could cause another financial panic, similar to that created in October when the Dow dropped 25% in that month alone. That, too happened when Congress balked at approving the $700 billion bailout. No matter what passes, and when, you're best bet is to weather the recession by following these tips from About.com Guides.

Best Moves Now

• Find an Apartment After Foreclosure
• Get the Money to Get Out of Debt
• Strategies to Weather a Bear Market