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Barrett: Unused Tarp Money Should Pay Down National Debt, Not Fund Pet Projects

Press Release

Location: Washington, DC

Congressman J. Gresham Barrett (SC-03) has issued the following statement after learning that the Administration is considering using unused Troubled Assets Relief Program (TARP) funds to pay for a second stimulus plan:

"Since this law was first passed, I have been fighting to make certain that any unspent or repaid TARP funds are exclusively used to pay down the staggering national debt. And on several occasions, I have made my concerns clear to Secretary Geithner about the Administration's attempts to use these monies for other purposes.

"The TARP legislation was enacted to create financial stability at a time when our country was in the midst of an extraordinary financial crisis--not to fund the Administration's pet projects. By using these funds to cut down our national debt and restoring fiscal discipline, we can reduce the burden we are passing on to our children and grandchildren. Then, we can get to the business of helping to create new jobs for the American people by ensuring businesses are not hindered by new taxes or burdensome regulations and by providing tax relief to individuals and families."

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