TARP should be shut down as soon as possible and any unused funds should be returned to taxpayers"
WASHINGTONU.S. Sen. John Cornyn R-Texas today issued the following statement regarding the Presidents proposal to use the so-called savings from the TARP program for yet another stimulus-like slush fund instead of returning it to American taxpayers as promised:
The President promised the American people that his trillion dollar stimulus bill would keep unemployment below 8. Now with unemployment at 10 the President proposes another special interest slush fund using savings from the TARP program.
This is absurd. TARP should be shut down as soon as possible and any unused funds should be returned to taxpayers by reducing our $1.4 trillion deficit. If the President truly wants to encourage the private sector to begin hiring he should restore fiscal discipline in Washington and abandon job-killing initiatives including the Reid health care bill that will increase taxes spending and bureaucratic red tape."
Democrats Promised Taxpayers Would Be Paid Back For Their Investment" In The Original TARP Program
PRESIDENT-ELECT BARACK OBAMA: The Taxpayers Are Going To Get Their Money Back." (President Elect Obama Press Conference 12/3/08)
- OBAMA: Weve Got To Make Sure That Taxpayers When They Are Putting Their Money At Risk Have The Possibility Of Getting That Money Back And Gains If The Market -- And When The Market Returns." (Presidential Candidates Debate Oxford MS 9/26/08)
SEN. HARRY REID (D-NV): I Think That The American Taxpayer Needs Some Protection. Thats Why In The Original Part Of The Stimulus -- That Is The Bailout The TARP That We Made Sure That The American Taxpayer Had A Way Of Being Paid Back For Their Investment." (MSNBCs Morning Joe" 2/23/09)
- REID: On A Bipartisan Basis We Made Sure This Taxpayer Money Would Be An Investment Not A Giveaway And That Any Future Returns Would Go Not To The Corporations But To The Taxpayers." (Sen. Reid Congressional Record S.10293 10/1/08)
SPEAKER NANCY PELOSI (D-CA): The Taxpayers Who Bear The Risk In This Recovery Must Share In The Upside As The Economy Recovers." (Speaker Pelosi Press Release 9/29/08)
SEN. CHRIS DODD (D-CT): We Require That Any Profits Generated From The Sale Of These Assets Purchased With Public Funds Go To Reducing Our National Debt." (Sen. Dodd Congressional Record S.10224 10/1/08)
SEN. BEN NELSON (D-NE): To Briefly Summarize I Said That The Taxpayer Should Come First And All The Proceeds Of This Program Be Used To Retire The Public Debt. … These Changes Were Included In The Proposal Before The Senate Today." (Sen. Ben Nelson Congressional Record S. 10276 10/1/08)
