Tested before taking power, President-elect Barack Obama privately delivered a pre-inauguration veto threat to fellow Democrats on Tuesday, saying they would not deny him use of the remaining $350 billion in federal bailout funds.

A week shy of taking office, President-elect Barack Obama already is putting his persuasion skills to a high-stakes test with Congress as he seeks access to the second half of the $700 billion financial bailout fund.

President-elect Barack Obama's top economic adviser tells Congress that the need for the remaining $350 billion of the financial bailout package is "imminent and urgent."

The much-talked about second stimulus package by the Government and rate cuts by the RBI are likely in the next few days to arrest slowing economic growth and slackening demand, and meet the shortage of funds due to the global slowdown.

The US House of Representatives is to vote on Friday on second version of bailout plan after a stunning defeat to an earlier version and sending the Dow Jones Industrial Average down about seven percent.