[StBernard] Opposing Further Bailouts
Westley at da-parish.com
Wed Jan 14 23:15:27 EST 2009
Yesterday I filed a resolution of disapproval in the U.S. Senate to prevent
additional bailout funding from being released.
On Monday, President Bush made a request on behalf of the incoming
administration to release the second half of the $700 billion that Congress
authorized over my objections last fall under the Troubled Assets Relief
Program. I have serious concerns with these funds being released, and I
believe that we need to think very seriously on this matter.
For this request to be approved, Congress is required to do nothing, and a
formal resolution of disapproval must be passed if we are to prevent these
funds from being released. Today, I was joined by Senators Bunning,
Sessions, DeMint, Barrasso and Inhofe on a resolution of disapproval, and I
urge my other colleagues to do the same. TARP has raised far more troubling
questions than it has provided answers. And surely, at a minimum, we need
to see plans for how the second half of this $700 billion will be used
before we approve it.
I have a number of significant concerns with TARP as it stands, beginning
with the fact that the entire rationale on which it was presented to
Congress was thrown out within days of its passage. To date, it has become
apparent that the plan has not achieved one of its pivotal goals - making
credit available to individuals and businesses.
I also fail to see the logic in spending $350 billion when we are just about
to begin consideration of a $1 trillion stimulus plan. The last thing we
need is more debt upon debt, deficit upon deficit. Certainly we have to act
on our nation's economic troubles, and certainly the federal government
should help do that. But as we consider spending another $1 trillion, why
should we continue spending money on a program that clearly hasn't worked?
I am particularly concerned with what I see as TARP's significant lack of
accountability. As it stands, the Department of the Treasury cannot clearly
detail how they have spent the first half of the money, and the recent auto
bailouts indicate that the program has devolved into little more than a
slush fund. Yet we are now expected to release another $350 billion without
knowing how it will be spent, let alone how the first half was spent. I
believe it is apparent that any move to release further funds should include
a real and serious discussion of how the money will be spent. We cannot
afford, and our kids and grandkids cannot afford, for us to continue digging
our nation deeper and deeper into debt.
As your senator I'll keep fighting to protect taxpayers from growing
bailouts. Please do not hesitate to contact me in the future about this and
other issues important to you and your family.
More information about the StBernard