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."

-- This embed didnt make it to copy for story id = 9289977. -- This embed didnt make it to copy for story id = 9289977. -- This embed didnt make it to copy for story id = 9289977. -- This embed didnt make it to copy for story id = 9289977. -- This embed didnt make it to copy for story id = 9289977. -- This embed didnt make it to copy for story id = 9289977. -- This embed didnt make it to copy for story id = 9289977.
Page
  • 1
  • |
  • 2
Join the Discussion
blog comments powered by Disqus
 
You Might Also Like...
See It, Share It
PHOTO: Anthony Lemons glances to family and friends at the Cuyahoga County Common Pleas Court
Marvin Fong/The Plain Dealer/AP Photo
PHOTO: Indian Christian devotees watch a fireworks display outside St. Peters Church in Allahabad on Dec. 24, 2014, on Christmas Eve.
Sanjay Kanojia/AFP/Getty Images
Newborns at this hospital on Christmas Day get the special stockings as a keepsake.
Magee-Womens Hospital at the University of Pittsburgh Medical Center
PHOTO: US President Barack Obama plays golf at Mid-Pacific Country Club in Kailua, Hawaii, in this file photo.
Jewel Samad/AFP/Getty Images