Washington, DC - Idaho Senator Jim Risch issued this statement regarding the Administration's plans to use unspent Toxic Asset Relief Program funds for federal government programs.
"Only in Washington, D.C. can you borrow money, not spend it, and call it a savings," said Risch, referring to TARP funds that will not be spent to prop up banks and other lending institutions. "One of my early votes in the U.S. Senate was against authorizing another $350 billion for TARP. I signed a letter to Treasury Secretary Geithner asking him to not extend the program after December 31. I have also co-sponsored legislation that will take away his authority to extend the program through October 3, 2010.
"It is time to end this program, continue to recoup funds, and pay down our staggering national debt. When the $787 billion stimulus package was passed earlier this year, it was a wish list filled with pet projects instead of focusing on shovel-ready projects. The Administration promised the stimulus money would keep unemployment from rising above 8 percent. It is now over 10 percent. Now, the Administration believes that more government spending will help. All we are doing is creating bigger financial problems for our country and putting our children and grandchildren deeper in debt."