U.S. Senator Lindsey Graham (R-South Carolina) today introduced and passed through the Senate Budget Committee an amendment to prevent $44 billion remaining in TARP from being spent. The vote on the Graham Amendment was 12-11.
"I voted for the initial installment of TARP to prevent a meltdown of our financial system," Graham said. "Since those days, TARP has taken on a life and flavor no one ever envisioned."
Graham noted that the Senate budget resolution uses the remaining $44 billion from TARP on other spending items not associated with the restoring the financial system.
"If you would have told me at the time I voted for it that TARP would be used to bail out car companies, I wouldn't have supported it," said Graham. "The $44 billion remaining in TARP is becoming a slush fund. I am pleased the Senate Budget Committee passed my amendment to address this problem."