TOPICS
TOPICS
GOP senators are not optimistic about effort to end TARP
Senate Republicans are hoping to attach a measure ending the Troubled Asset Relief Program to legislation raising the debt limit, but they acknowledge that Senate Majority Leader Harry Reid, D-Nev., will stand firmly in their path.
"The debt limit would be an obvious vehicle," said Sen. John Thune, R-S.D. "My guess is the Democratic leader ... is probably going to block a vote on this."
Thune and 15 GOP co-sponsors on Tuesday introduced the bill, which would block the Treasury Department from spending an estimated $317 billion in unobligated TARP funds and repeal a provision that keeps the program operating until Oct. 2 without congressional consent. The measure would end the bailout program on Dec. 31.
Thune and Sen. Robert Bennett, R-Utah, have already tried to attach the TARP killer to an appropriations bill and to a bill extending unemployment benefits, but they said Reid stopped their efforts. Republicans believe Reid is blocking a vote because Democrats would be hard-pressed to vote to continue the unpopular program.
The debt limit will likely be added to the fiscal 2010 Defense Appropriations bill, a step that may help Democrats block amendments.
Thune and Bennett said Treasury is using TARP money as a "slush fund" and defying congressional intent by reusing money repaid by firms that received funds, based on a questionable legal interpretation. "I consider that a blatant misreading of the law," Bennett said, noting he was present when the bill was written.
COMMENTS
- Just like during the great depression government actions only made the situation worse and extended its misery. TARP is doing the same here except with all the trillions being added to the debt, our grandkids will never be able to pay it off. Right now barak has generate $160,000 in new debt for every american, like what He's doing than write a personal check to cover your IOU dan m ketter Posted November 19, 2009 10:48 AM
- Unfortunately, the inevitable has been postponed by TARP. What ever happened to letting businesses fail. If a company cannot be successful, why let it continue to operate? That's what bankruptcy courts are for. For restructuring. In order to have a true understanding where the markets can go, failing companies need to fail and rebuild/restructure. The is the cycle of business. This falacy of a slippery slope has been successfully sold to the public, just like the swine flu. As a 33 year old, I worry that the govt is putting my generation deeper in the tank. This is a Nation built on hard work and sometimes, failures. It is through the failures that businesses learn what to do and what not to do. The TARP program needs to end. The Bill truly is a blank check for the Sec of the Treasury with minimal oversight. Minimal oversight- Isn't that what got us into this mess to begin with? Dusty Bernard Posted November 19, 2009 10:28 AM
- The irony here is that these Republicans are proposing a worthwhile amendment (TARP cancellation) to a bill (with its increased debt ceiling) that they should be intent on killing. Jon Posted November 19, 2009 10:03 AM
