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Boehner: Shut Down TARP by Year's End

GOP Leader: "It's time to get the government out of the bailout business and stop the reckless spending here in Washington"

Contact: Michael Steel, Antonia Ferrier, Kevin Smith, 202-225-4000

WASHINGTON, Dec. 9 /Standard Newswire/ -- House Republican Leader John Boehner (R-OH) issued the following statement after Treasury Secretary Timothy Geithner announced he would extend the federal financial bailout program -- the Troubled Assets Relief Program (TARP)  -- until next fall:

    "American taxpayers have had enough of open-ended bailouts that have left them stuck with trillions of dollars in new debt, and TARP should be shut down by the end of the year.  This generational theft must end.  We can't keep borrowing money from the Chinese and the Middle East and passing the tab to our kids and grandkids.  Republicans have introduced common-sense reforms to protect middle-class families from the endless bailouts that have become a fixture in Washington.  It's time to get the government out of the bailout business and stop the reckless spending here in Washington, and our plan will help accomplish that goal.
     
    "Unfortunately, this Administration continues to push for more 'stimulus' spending financed with even more borrowed money.  Using TARP to 'pay for' more government programs is just another form of deficit spending.  Taxpayer money paid back to the federal government should be used for deficit reduction, not to expand government spending."

NOTE:  This week, Leader Boehner joined Rep. Randy Neugebauer (R-TX) and more than a hundred House Republicans in sending a letter to Treasury Secretary Timothy Geithner urging him to end TARP, as well as ensure all TARP repayments, dividends, and other income go toward debt reduction rather than more federal spending.


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