Joe Wilson

Today, in response to news reports that recipients of TARP funds may be able to pay those funds back, Congressmen Joe Wilson (SC-02), Kevin McCarthy (CA-22), and other members of Congress sent a letter to Treasury Secretary Geithner urging those repaid TARP funds go directly towards paying down the national debt, and for Treasury to forgo the use of TARP funds as a revolving fund for more spending.

Congressmen Wilson and McCarthy introduced H.R. 2063 and H.R. 2119, respectively, earlier in April to ensure that repaid Troubled Asset Relief Program (TARP) funds pay off the taxpayer first and go directly towards paying down our national debt. If enacted, both bills would also ensure that each time a financial institution makes a repayment of assistance, the amount of purchase authority provided under TARP is reduced by a corresponding amount.

Congressman Wilson issued the following statement:

“The American people are rightfully fed up with a government that borrows too much and spends too much of their hard earned taxpayer dollars. A massive debt threatens our current economy and mortgages the future of our children and grandchildren. We must continue to find places to cut spending and rein in the size, scope, power, and cost of government. Using the returned TARP funds to pay down the public debt would be an important step towards that goal. This money should not be left to the imagination of Washington bureaucrats or Congress to spend on pet projects or more bailouts.”

Congressman McCarthy issued the following statement:

“From AIG bonuses to record deficits, hardworking American middle-class taxpayers were promised fiscal accountability with TARP, but just got more of the same. Congress should do better, and can help promote accountability by ensuring repaid TARP funds actually repay the ones footing the bill – the taxpayer. As opposed to using repaid TARP funds to take out a larger credit line for Washington spending, Congress can provide some relief to the American taxpayer who is on the hook for the record bailout borrowing.”

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2 Responses to “TARP Funds to Pay Down Debt”

1. Arlene says:

   September 11, 2009 at 5:29 pm

   Congressman Wison,
   (From an independent voter, who did not vote for President Obama)

   I did not watch the President Obama’s address therefore I did not hear your comment. However, once I heard it I thought it was a joke at first because all of you guys are liars!!

   Immediately after the election, my family took all cable news channels off our television. Direct TV-Family plan, because of people like you. You seem soooo agrue JUST LIKE GOVERNOR SANFORD. And we all know now what a great example he is, how different he is from all of those ungodly democrats!
   JUST LIKE YOUR GOVERNOR I bet you have your own “beam in your eye” as you are trying to pick the splinter out of President Obama’s.

   You showed no class in your outburst and someone needs to tell all of you self righteous “gentlemen” how tacky you looked sitting in the chamber during this speech LOOKING AT YOUR BLACKBERRY’S.
   GOD HELP US ALL IF THIS IS THE KIND OF LEADERSHIP THIS COUNTRY HAS!!
   Thanks for telling our children they should disrespect there teachers with this lovely example. Now, I know why we should not have allowed our children to hear the President’s speech.

   Keep up the Great work!!!
   Arlene
2. Jessie Hollman says:

   November 28, 2009 at 1:39 pm

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