The House, in a bi-partisan vote, shut down 8 Billion in TARP funding with an eye towards lowering the Federal deficit.
“The money from this program doesn’t go to the homeowner, it goes to the lender, it goes to the banks. And who pays for it? The taxpayers and ultimately our children and grandchildren, because the federal government borrows 42 cents of every dollar it spends,” said Financial Services Committee Chairman Spencer Bachus (R.-Ala.).
The Democrat controlled Senate will likely obstruct passage but if it does get past Harry Reid’s democrat majority bivouac Obama has already promised to veto the spending cuts and allow billions in taxpayer dollars to continue to go to big banks and big bankers–despite the programs continued failure to keep people in their homes.
I’d be interested to hear the rhetoric from Political consultant and former congressman Paul Hodes who claimed he was against TARP but voted to spend paid back TARP funds on other left-wing stimuli. Likewise for 2012 congressional candidate Carol Seiu-Porter. She was also big on anti TARP rhetoric but bigger on redistribution of TARP funds as directed by her party leadership–with very little regard for the obvious hypocrisy or objection by her own constituents. Does she approve or disapprove of ending TARP, and of using that money to pay down the deficit. Or is their lowering the deficit rhetoric on the same page as back in 2006 and 2008…and j=heck even in 2010; say you want to lower it, then keep on spending.
So. Do they support killing off TARP, or are they in favor of continuing to pump billions of taxpayer deficit dollars into the hands of rich bankers?