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Old 02-03-2010, 11:11 AM
 
Location: Land of debt and Corruption
7,544 posts, read 7,867,967 times
Reputation: 2885

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Senator Judd Gregg goes On the Record stating that it is NOT legal to use the repaid TARP funds for any purpose other than paying down the debt.

Obama wants to use these repaid funds to give them to community banks, even though the law explicitly states it cannot be used for anything other than paying down the debt. The only way for the Obama administration to get around this, is to rewrite and change the law.

I find this despicable. How many of our congressmen and women would have voted in favor of TARP had they known that repaid funds would essentially become a slushfund for Obama's agenda?

There was a reason the law was written the way it was, yet Obama et al feel they are above the law.

Watch this video clip of Sen Judd Gregg, it's very informative. Did you see this video of Sen Gregg? « Gretawire (http://gretawire.blogs.foxnews.com/did-you-see-this-video-of-sen-gregg/ - broken link)
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Old 02-03-2010, 11:18 AM
 
Location: Chicagoland
41,312 posts, read 42,603,986 times
Reputation: 7114
Obama thinks money just laying around is his to spend. By law, the money must be used to repay the debt. I can't see the dems in congress going along with treating TARP funds as obama's slush fund.

If he wants some cash, use the funds that are unspent from his failed stimulus.
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Old 02-03-2010, 03:34 PM
 
6,567 posts, read 13,628,355 times
Reputation: 3208
Agreed. There is ZERO reason why this money should be available for other projects other than paying down debt. Part of the initial comments on TARP was the promise that they'd be paying a good portion of it back... I didn't think that meant that the government would then get to spend it on whatever...
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Old 02-03-2010, 03:39 PM
 
Location: Sierra Vista, AZ
17,604 posts, read 23,101,319 times
Reputation: 9933
Piggybank, we need jobs first
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Old 02-03-2010, 05:29 PM
 
2,173 posts, read 2,696,924 times
Reputation: 882
The TARP legislation says it's to reduce the deficit. It's not Obama's personal slush fund like the stimulus.
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Old 02-03-2010, 05:31 PM
 
Location: Pa
20,306 posts, read 20,969,695 times
Reputation: 6536
Pay down the debt.
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