Senator John Thune today applauded Republicans in the House of Representatives for offering a motion that would amend pending financial reform legislation by ending the Troubled Asset Relief Program (TARP) and requiring that unspent funds lower the budget deficit and that returned TARP funds be used to pay down the national debt. The House of Representatives voted earlier today and the motion failed by a vote of 232-190.
“At this time of exploding deficits, Congress must act to curtail spending and be responsible with taxpayer money,” said Thune. “I applaud my House colleagues for forcing this important vote, and I will continue pushing for similar action in the Senate.
“Although the measure failed, I believe it is time for the American public to see where their elected representatives stand when it comes to protecting taxpayer dollars. It shouldn’t end here, we need to continue the push to end TARP and turn off the spigot to what has become a political slush fund.”
Senator Thune last month introduced legislation that would have denied the Treasury Secretary the authority to extend TARP beyond its scheduled expiration of December 31st. However, Senate Democrats blocked consideration of the Thune proposal and on Wednesday, Secretary Geithner exercised his authority by submitting a letter to Congress extending TARP to October 3, 2010. In June, Senator Thune introduced the Government Ownership Exit Plan Act, which would require the federal government to sell its ownership interests in private companies by the summer of 2010.
“At this time of exploding deficits, Congress must act to curtail spending and be responsible with taxpayer money,” said Thune. “I applaud my House colleagues for forcing this important vote, and I will continue pushing for similar action in the Senate.
“Although the measure failed, I believe it is time for the American public to see where their elected representatives stand when it comes to protecting taxpayer dollars. It shouldn’t end here, we need to continue the push to end TARP and turn off the spigot to what has become a political slush fund.”
Senator Thune last month introduced legislation that would have denied the Treasury Secretary the authority to extend TARP beyond its scheduled expiration of December 31st. However, Senate Democrats blocked consideration of the Thune proposal and on Wednesday, Secretary Geithner exercised his authority by submitting a letter to Congress extending TARP to October 3, 2010. In June, Senator Thune introduced the Government Ownership Exit Plan Act, which would require the federal government to sell its ownership interests in private companies by the summer of 2010.
