REP. CALVERT SUPPORTS DIRECTING REMAINING TARP FUNDS TO DEFICIT REDUCTION

November 20, 2009
Press Release

In response to news that Democrats are looking for ways to spend the remaining $200 billion in Troubled Asset Relief Program (TARP) funds, Rep. Calvert issued the following statement:

"Rather than figuring out how to squander another $200 billion of taxpayer money in the name of corporate interests, Congress must allow TARP to sunset," said Rep. Calvert.  "TARP has been a disaster and the remaining funds should go against our exploding deficit.  I will vote against any action by Democrats, who are already greedily eyeing the leftover funds for pet projects, which would do anything but apply those leftover funds against the deficit."

According to a recent Politico article ("Dems fight over funds left from bailout," 11/20/09), the Democratic Leadership is contemplating using remaining TARP funds for various other projects.  The Financial Services Committee, on a mostly party-line vote, defeated an amendment by Rep. Erik Paulsen (R-MN) which would have directed non-committed TARP funds to pay down the deficit.

###

Issues: 
Taxes, Jobs, Economy and Federal Spending