Congressman Tom Price (R-GA) issued the following statement after House Democrats voted to kill this week’s YouCut proposal, which would terminate the Troubled Asset Relief Program (TARP). Since its inception, the YouCut program has been supported by over 2 million votes.

“One has to wonder at what point, if ever, the Democrat majority will find the willingness to actually cut spending and roll back the bailouts,” said Congressman Price. “Under their failed leadership, Democrats have politicized our economy and let Washington use taxpayer dollars to pick winners and losers. That should end immediately, and Republicans have offered this opportunity to close the door on bailouts once and for all.”

“The YouCut program has grown in popularity because it has given the American people a direct line into Washington. House Republicans have offered over $150 billion in potential savings for American taxpayers, and the Democrat majority has, predictably, shunned any effort to get our fiscal house in order. Whether using hard-earned tax dollars to politicize our economy or prop up disastrous liberal agenda items like ObamaCare, Democrats have abused the trust of American taxpayers. House Republicans are prepared to restore that trust by listening to the American people and acting on their priorities.”

Description of this week’s YouCut proposal:

While the Troubled Asset Relief Program (TARP) is supposed to end on October 3rd, under a provision of the recently enacted financial regulation bill, it is still possible for the government to make new bailouts through any program that was already in place on June 25, 2010. This could include additional commitments to AIG and/or additional commitments to the Administration’s mortgage modification programs. In August it was estimated that spending from TARP will range between $4 billion and $7 billion a year between 2011 and 2014, mainly for the Administration’s mortgage programs. Acting to terminate TARP now may reduce these expenditures.