Working to end TARP, stop more government spending

This week, I cosponsored an amendment to end the Troubled Assets Relief Program immediately and prevent another $319 billion in government spending.  We offered the amendment to the Debt Limit Extension bill that the Democratic leader brought up for debate. 

Many senators had introduced legislation last fall to end the bailout program at the original December 31, 2009 end date.  Since that legislation was never brought up for consideration, the law authorized the Secretary of the Treasury to extend the program through October 3, 2010. 

Not only would our amendment have eliminated the Treasury Department’s authority to make new obligations under TARP, it would have also reduced the debt limit increase proposed by the underlying bill by an amount equal to the funds paid by TARP recipients after date of enactment.  According to figures provided by the Office of Financial Stability, there is $319 billion of unobligated TARP funding. 

The responsible thing to do is shut down this bailout program.  We’re still sitting at 10 percent unemployment, even after the President said massive government spending would be needed to keep unemployment under 8 percent.  If Democratic leaders really wanted to end the influence of Wall Street, they would end the bailout.  Instead, taxpayers are going to see more of the same bailouts and big bonuses to those who got us into this mess.

The TARP fund was supposed to make sure credit flowed to Main Street, America, and instead the program was used as a slush fund to pick winners and losers in New York and Detroit, leaving small businesses and families without credit in today’s struggling economy.