Last week the Dems came up with the fantastic idea that they could pay down some of the federal deficit by using TARP funds-yeah, moronic. This week they are balking at South Dakota Senator John Thune's suggestion of ending TARP. You know TARP, that which will surely become a permanent slush fund if allowed to continue beyond the set ending date of December 31 of this year. Funny enough Dems would even consider extending what was billed and written as a temporary, emergency move to stop failure of the perceived "too big to fail" financial institutions.
The Republican yesterday introduced a bill that would bar Treasury Secretary Timothy Geithner from extending the $700 billion Troubled Asset ReliefJust one of the billion-trillion reasons why we should never take the government at their word. How's that deficit neutral, possibly even deficit lowering Healthcare Bill looking now-especially once you realize it will cost $289 Billion dollars.......
Program beyond its expiration date on December 31. The legislation would not
affect the roughly $400 billion worth of handouts that remain with the likes of
Citigroup or General Motors. It would, however, halt further lending and
immediately return the fund's $300 billion in unobligated money to taxpayers.
The White House keeps claiming it wants to do just that, but Mr. Geithner
also refuses to rule out signing a TARP renewal. What the Administration won't
say is that it likes retaining a slush fund that can be doled out carte-blanche
to politically worthy recipients. Only this week AFL-CIO President Richard
Trumka dreamed up a new use for TARP money, demanding it be recycled into
favored community banks or small businesses. This is how an emergency bailout
program morphs into a White House's "walking around" money.