Category Archives: TARP

Thune TARP Debt Ceiling Amendment Defeated

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An amendment offered by Senator John Thune (R-SD) to legislation increasing the debt ceiling (H. J. Res. 45) has been defeated by a vote of 53 to 45.  Per a unanimous consent agreement, 60 votes were needed for adoption of this amendment.

According to a press release, this amendment “would end the Troubled Asset Relief Program (TARP).”

Senator Thune’s amendment would prohibit the Treasury Department from making any further commitments of TARP funds and would mandate that all returned funds be used to lower our national debt.

Update: Senators Robert Byrd (D-WV) and Kay Hagan (D-NC) did not vote.

(credit image – associated press)

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Filed under Budget, TARP

Treasury Will Extend Authority to Use TARP Funds

Treasury Secretary Timothy Geithner “on Wednesday moved to extend the government’s $700 billion bailout fund into October 2010, but pledged to deploy no more than $550 billion of it,” Reuters reports.

Geithner, in letters to U.S. House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, said the extension of the Troubled Asset Relief Program (TARP) until Oct 3, 2010, would allow the Obama administration to use bailout funds to fight home foreclosures and boost small business lending.

(credit image – getty)

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Conrad Open to Using TARP Funds for Jobs Package

Senate Budget Committee Chairman Kent Conrad (D-ND) “said on Monday he would be open to using money from the $700 billion Wall Street bailout to pay for a jobs package,” The Hill reports.

“The package would have to include a process to deal with the debt,” he said, referring to the jobs package. “Negotiations are under way. We would like a task force or commission with the power to come up with a [debt reduction] plan and for the plan to come up for a vote.”

Until now, Conrad has “joined Republicans on insisting that unused TARP money go toward paying down the deficit.”

Democrats are scrambling “to pass the most ambitious jobs bill possible before the end of the year.”

(credit image – associated press)

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Geithner Tells Senators TARP Bailout May Soon End

Treasury Secretary Timothy Geithner “is affirming the administration’s intent to soon end the $700 billion financial bailout program,” according to the AP.

Geithner did not provide details, but says the government is close to the point at which "we can wind down this program" and end it.

"Nothing would make me happier," he told the Senate Agriculture Committee.

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Thune Continues Push to End TARP

Senator John Thune (R-SD) “is trying to build support to end the $700 billion Troubled Asset Relief Program, a move bound to cause heartburn for Democrats wary of strong anti-bailouts sentiment among voters,” POLITICO reports.

Thune, the No. 4 leader in the Republican Conference, plans to introduce a one-page bill Tuesday that would bar Treasury Secretary Timothy Geithner from extending the agency’s authority to spend TARP’s unobligated funds — about $200 billion — beyond the scheduled end date of Dec. 31. The legislation would not affect the bailout funds already handed out to troubled firms such as Citigroup and General Motors.

It’s not clear “if Thune has any support on the Democratic side for his legislation, but even if he doesn’t, he could use it as a political bludgeon against Democrats who realize that support for the bailout program has waned.”

He may also try adding it as an amendment to must-pass legislation before the year ends.

The Senate vote to raise the debt ceiling to $13 trillion is also a prime target for Thune’s effort because the Senate must approve the debt-limit bill before year’s end. Republicans have already indicated they plan to make it as painful an exercise as possible for the Democrats.

(credit image – getty)

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