RSC Introduces the Reducing Barack Obama’s Unsustainable Deficit Act
Bill Repeals Stimulus Spending and Reclaims TARP Funds for Taxpayers
Washington,
Jul 9, 2009 -
Republican Study Committee Chairman Tom Price (R-GA) issued the following statement after he, along with RSC Budget and Spending Taskforce Chairman Jim Jordan (R-OH) and RSC Financial Services Working Group Chairman Scott Garrett (R-NJ), introduced the Reducing Barack Obama’s Unsustainable Deficit Act. The RSC legislation repeals the unspent portion of the stimulus package, saving taxpayers approximately $460 billion. The bill also eliminates the President’s $700 billion slush fund by reclaiming all unobligated TARP money, currently around $150 billion, and requiring all future repayments of TARP funds to go exclusively toward debt reduction.
“Buyer’s remorse has set in with the American people,” said Chairman Price. “President Obama’s so-called stimulus package is creating debt, not jobs, and the administration has turned the TARP program into a revolving federal slush fund. The resulting deficits threaten the prosperity of generations of Americans to come. While the President may honestly believe that using taxpayers as a credit card is an effective way to revive the economy, the American people want their money back.
“President Obama himself has admitted that his deficit spending is unsustainable, and the American people agree wholeheartedly. As the President doesn’t seem to have a plan to deal with his deficits, the Republican Study Committee has introduced the Reducing Barack Obama’s Unsustainable Deficit Act. Our legislation will lift the taxpayer burden for the President’s failed stimulus and begin to turn the tide against the mounting tsunami of debt. To bring about a real economic recovery, we must pull the American people out from under President Obama’s unsustainable deficits and allow them to decide when and how to spend their hard-earned dollars.”
The Reducing Barack Obama’s Unsustainable Deficit Act:
- Repeals the spending portion of the President’s “stimulus” package – saving taxpayers $460 billion
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Leaves intact the package’s tax relief and unemployment benefits
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Prohibits the Treasury Secretary from obligating any further TARP funds – saving taxpayers $150 billion
- Requires all repayments of TARP money to go exclusively to debt reduction - no open-ended slush fund
A one-pager on the legislation can be found here.
NOTE: The Republican Study Committee has introduced the Economic Recovery and Middle-Class Tax Relief Act, legislation based on three main themes: 1) Support Families through Tax Relief; 2) Provide Economic Relief for American Businesses and Entrepreneurs; and 3) Save Future Generations from a Crushing Debt Burden. For a full summary, click here.
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