Obama Administration Extending TARP Until 2010
EmailABC News' Jake Tapper, Charles Herman and Matt Jaffe report:
As ABC News first reported Tuesday evening, the Obama administration today announced it is extending the controversial Troubled Asset Relief Program, or TARP, until October 2010, with the purpose of using it to free up credit for small businesses to expand and for homeowners to secure their mortgages through the Obama administration housing program.
TARP became law in October 2008 and was set to expire on December 31, 2009.
The Secretary of the Treasury has the power to extend the program if he sees fit, though he has to notify Congress. On Wednesday morning Tim Geithner did just that.
In a letter to House Speaker Nancy Pelosi, Geithner said the extension to October 3, 2010 was “necessary to assist American families and stabilize financial markets because it will, among other things, enable us to continue to implement programs that address housing markets and the needs of small businesses and to maintain the capacity to respond to unforeseen threats.”
Read more HERE.
– Jake Tapper, Charles Herman and Matt Jaffe
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Didn’t Obama just say, “So to help support these efforts (jobs package), we’re going to wind down the Troubled Asset Relief Program, or TARP.”
Posted by: Hide the Decline... | December 9, 2009, 11:40 am 11:40 am
Republican were for TARP before they were against it, so they have no right to complain about this.
Posted by: Matt | December 9, 2009, 12:16 pm 12:16 pm
Why yes he did, Hide the Decline, but remember, Obama does not believe what he says. He does not believe he will ever be held accountable, and in a lot of ways, he is right. Sad.
This headline could also read, Obama Admin decides to continue stealing money from taxpayers to pay for pork and other pet projects that won’t work.
Posted by: Aaron | December 9, 2009, 12:17 pm 12:17 pm
It’s as if they’ve forgotten about 2008 altogether….
Posted by: Colette |
Lucky for us the Dems are running the show now and have enacted credible and effective legislation, free of any inappropriate influence, to deal with the issues that led to the financial meltdown.
Oh wait. No they haven’t. It’s as if they’ve forgotten about 2008 altogether.
Posted by: Foghorn Leghorn | December 9, 2009, 12:26 pm 12:26 pm
47..46…45..and dropping. hey dems nice health care bill, probably will be as succesful as the stimulas bill. obama is the typical not for profit guvmt hack. if we save money we spend it cause will never get it again. just refi the house again. merry christmas fist bump to all.
Posted by: catman | December 9, 2009, 12:35 pm 12:35 pm
caulk for clunkers..did you know that union level wages must be paid to particpate in this. its called prevailling wage…so if you need paint i will have to pay someone 47 bucks an hour instead of 15.
Posted by: catman | December 9, 2009, 12:39 pm 12:39 pm
Republican were for TARP before they were against it, so they have no right to complain about this.
Posted by: Matt | Dec 9, 2009 12:16:03 PM
Using “umbrella politics” again I see. My House Rep voted against TARP and I called to support his no vote. So he and I have the right to complain about this.
Posted by: Live! From DC! It's Sat Night! | December 9, 2009, 12:51 pm 12:51 pm
They’re working on getting legislation passed, and we’ll likely see a vote in the House on a 7 bill package this week.
Posted by: Colette |
Well, there’s no hurry right? Maybe the Senate can do something next year.
You complained about republicans meeting with “100 lobbyists”. Does this mean you expect lobbyist-free legislation? Or do you understand that if the Dems had the same kind of meeting you reference there would be not 100 but thousands of lobbyists involved?
Posted by: Foghorn Leghorn | December 9, 2009, 1:03 pm 1:03 pm
caulk for clunkers..
Posted by: catman | Dec 9, 2009 12:39:13 PM
Construction people will probably do each others’ homes so they can get the govt money both ways…
Posted by: Live! From DC! It's Sat Night! | December 9, 2009, 1:07 pm 1:07 pm
“cite something other than your Magic eight ball.”
I don’t have a magic 8 ball nor any intention of denying republican hypocrisy.
And it is hypocritical to condemn republican hypocrisy while turning a blind eye to democrat hypocrisy.
Posted by: Foghorn Leghorn | December 9, 2009, 1:53 pm 1:53 pm
We had 8 years of Republican government and we saw exactly what that did to the country – and we’ll be trying to recover from that for years.
Sorry, we’re not interested in the Bush and Cheney gang – nor any of the pretenders.
The party of ‘no’ is on it’s way out.
Posted by: tierra | December 9, 2009, 2:49 pm 2:49 pm
“The party of ‘no’ is on it’s way out.”
Maybe we can build a nuclear power plant then.
Posted by: Foghorn Leghorn | December 9, 2009, 2:55 pm 2:55 pm
Well that was fast.
Didn’t Obama just say yesterday he might use TARP for job creation?
What happened? Did his pals on Wall Street call to remind him who is boss?
TARP is to bail them out not to help Main Street.
Don’t bite the hand that feeds you Obama!
Posted by: kyle | December 9, 2009, 3:17 pm 3:17 pm
What a confused bunch in the Obama Administration.
Yesterday Obama wants to wind down TARP.
Today the brilliant tax cheat, Tim Geithner, wants to extend it.
No Drama Obama seems to thrive on chaos.
Posted by: larry | December 9, 2009, 3:20 pm 3:20 pm
Awwww…
Does that mean Obama can’t spend the leftover TARP money? It was burning his pockets.
Obama loves to spend our money.
He’ll find another way to rip off the taxpayers.
Posted by: mick | December 9, 2009, 3:23 pm 3:23 pm
Yesterday Obama wants to wind down TARP.
Today the brilliant tax cheat, Tim Geithner, wants to extend it.
________________________________________
I don’t think you read yesterday’s news very accurately. And now you’re projecting.
Posted by: tierra | December 9, 2009, 3:25 pm 3:25 pm
Lets pretend that this was not a law that was enacted by the Bush administration. Gives this administration another chance to rob these stupid citizens its only money and we can always print more
Posted by: earl | December 9, 2009, 7:07 pm 7:07 pm
6 million dollars of the stimulus went to Clintons Pollster.
What are we stimulating again? Oh right, the pockets of cronies…..
Posted by: mjishernameo | December 9, 2009, 10:35 pm 10:35 pm
6 million dollars of the stimulus went to Clintons Pollster.
_____________________________________
Source and date please mjishernameo. Your ‘facts’ are notoriously unreliable.
Posted by: tierra | December 9, 2009, 10:37 pm 10:37 pm
AP is the source
Writer is Tom Raum
dated 12/9 at 1242 pm
What, you can’t google?
Don’t ask me that again, just use your fingers for something other than your nose.
Posted by: mjishernameo | December 9, 2009, 11:40 pm 11:40 pm
Alexander Bolton wrote about it in “The Hill” 12/9
snark
Posted by: mjishernameo | December 9, 2009, 11:45 pm 11:45 pm
6 million dollars of the stimulus went to Clintons Pollster. Posted by: mjishernameo
that’s what was reported, seems like a bad move for a Dem or Repub… let’s call both sides on everything when it’s dumb, cronyism is rampant on all side of the political spectrum…
if we don’t demand better, we’ll never get it.
Posted by: yowsa | December 10, 2009, 1:02 pm 1:02 pm
But it wasn’t a repub, it was a dem…
so call them out like repubs are called out ad nauseum….
Bush is still being blamed for all ills, real or imagined…so….
IT WAS A DEMOCRAT…IT WAS THIS PRESIDENTS CABINET…IT WAS OBAMA GIVING IT TO HILLARYS POLLSTER…6MILL OF OUR TAX DOLLARS MEANT TO HELP THE ECONOMY….
There, that’s better.
Posted by: mjishernameo | December 10, 2009, 1:11 pm 1:11 pm