Just because the President and his Administration now expect TARP to be cheaper than they originally thought, that doesn’t mean TARP has no cost. TARP will still cost the taxpayers billions of dollars at the end of the day.
If TARP really will cost less than anticipated, that’s good news, but that doesn’t mean there is surplus money to spend. If the President wants to spend more on another stimulus, that money still has to be borrowed and added to the national debt. This faulty government accounting will catch up with us, and our creditors will begin calling.
It’s an interesting coincidence that the White House has determined TARP will be cheaper just when they are looking for a way to justify more spending. However, the American people know the difference between ending TARP, getting their money back and reducing the debt and spending that money on something else.
NOTE: Yesterday, I sent a letter to Treasury Secretary Timothy Geithner urging him to end TARP, as well as ensure all TARP repayments, dividends, and other income go toward debt reduction rather than more spending.
About Me
- Rep. Randy Neugebauer
- Randy Neugebauer represents the 19th District of Texas, which stretches across 27 counties and includes the cities of Abilene, Big Spring, and Lubbock. He is now in his fourth term in U.S. House of Representatives after first taking office on June 5, 2003.
