Obama Administration Extending TARP Until 2010

"What was supposed to be an emergency capital injection to thaw frozen credit markets has morphed into a revolving bailout fund to advance the Democrat's political, social and economic agenda," Rep. Jeb Hensarling, R-Texas, said in a statement today. "This announcement was one of the worst-kept secrets in Washington. Extending TARP will provide the 'bailout bridge' necessary for the implementation of the permanent $200 billion bailout fund that Democrats will force through the House this week as part of their financial regulatory expansion bill."

Rep. Mike Pence, R-Ind., expressed similar outrage, telling ABC News Tuesday, "For this president or this Democratic Congress to proposing using TARP funds for anything other than deficit reduction is simply a violation of the law."

National Economic Council director Lawrence Summers told ABC News Tuesday afternoon that "that's a real misunderstanding of TARP legislation. The TARP legislation statement and intentions that the administration set up provided explicitly for support for small business lending under TARP."

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