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Neugebauer: Recycling Tarp Funds Is Misleading The Taxpayers

Statement

Date: July 9, 2009
Location: Washington, DC
Issues: Finance and Banking Government Budget and Spending

Neugebauer: Recycling Tarp Funds Is Misleading The Taxpayers

Congressman Neugebauer (R-TX) released the following statement after attending the Financial Services Committee hearing on H.R. 3068, TARP for Main Street Act of 2009:

"At the end of the day, the TARP bailout program will end up costing American taxpayers. To assume that the government is earning some type of profit from this program that we should now spend, as the sponsors of this bill are proposing, would be laughable if we were not talking about so much of the taxpayers' money and running up massive debt.

"According to estimates from the Congressional Budget Office, taxpayers will lose at least $159 billion of the $700 billion in the TARP bailout based on what has been spent so far.

"Any money that comes in from repayment of bailout funds or dividends must go to paying down the debt. Recycling these bailout funds will only grow government programs and increase the amount of debt we place on our children and grandchildren."


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