Continuing to fight for fiscal responsibility, Congressman Ander Crenshaw today (12/9) announced his support for legislation that requires unused Troubled Asset Relief Program (TARP) funds to be used to pay down record-high public debt. Separately, Crenshaw has signed a letter to House Speaker Nancy Pelosi opposing the use of TARP funds for any other purpose than helping to ease our national financial crisis.
"With a $1.4 trillion deficit and the national debt nearing the $12.1 trillion mark, nothing could be more wrong for the nation than a perpetual bailout," said Crenshaw. "That's why unused TARP funds should be used to pay down a skyrocketing national debt rather than fund big government spending through Stimulus II as Democrats are proposing."
"TARP funds were originally set aside in 2008 to help prevent a nation-wide financial meltdown," Crenshaw continued. "On a positive note, some banks are now able to start paying back the money they were loaned. On a negative note, Democrats see this as an opportunity to raid TARP to fund another big government program. That's simply wrong, and I will continue to fight any such move that further drowns future generations in debt."
Crenshaw is a co-sponsor of TARP legislation written by Congressman Kevin McCarthy. Specifically, the bill (H.R. 2119) amends the Emergency Economic Stabilization Act of 2008 to require that repayments of assistance from the Troubled Asset Relief Program funds go to paying down the public debt.
Crenshaw also joins a growing number of House colleagues in signing a letter to Speaker Pelosi regarding the use of TARP funds. The letter, currently signed by 56 Members of Congress, reads in part:
"TARP was originally passed in response to an extraordinary crisis in our financial markets, and Congress intended for taxpayers to be repaid once the crisis subsided. TARP was never intended to be used as a revolving slush fund to pay for the Majority's political, economic or social agenda. Any unused or repaid TARP funds should be returned to those who originally paid for it -- the American taxpayers."