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Taylor Stanford

Taylor.Stanford@mail.house.gov

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(WASHINGTON, DC) – Representative Sue Myrick (NC-09) released the following statement after President Obama announced that unused TARP funds could be directed toward a second stimulus plan:

“By law, unused TARP funds must be returned to the Treasury to pay down the national debt – which is currently about $12 trillion.  More deficit spending to fund a second stimulus package is beyond my comprehension – especially when the first one has all but failed”.

The President’s plan comes at the same time that Treasury Secretary Timothy Geithner wrote to Congressional leaders announcing the extension of the TARP program. 

“While TARP may have initially helped us avoid a complete financial meltdown, the program has been poorly run, and fraught with error,” said Rep. Myrick.  “Instead of winding the program down as it should be, the Administration and the Majority in Congress view TARP funds as a slush fund to advance their priorities and continue out of control deficit spending”.