Today, Congressman J. Gresham Barrett (SC-03) voted to end the Troubled Assets Relief Program (TARP) and ensure that any unused funds go towards national deficit reduction rather than being spent on future stimulus projects. Barrett then made the following statement:
"The TARP legislation was created for a specific reason--to create financial stability during an extraordinary financial crisis. As stability has returned, it has become clear that this program has served its purpose, and the time for TARP to end has come. Any unused funds should be spent to pay down the national debt.
"Unfortunately, but not surprisingly, the Democratic majority and the Obama administration have other plans for these unused TARP monies. Instead of returning these funds to the taxpayers, they are considering using this money to pay for their failed housing initiatives and a second stimulus."