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Democrats fight over funds left from TARP bailout Posted on 11/20/2009
Congressional Democrats could be heading toward a collision with the White House over $200 billion in leftover bailout money.
Pay Down Deficit The Treasury Department is pushing for fiscal prudence.
They want to use the money to pay down the deficit and keep a small rainy-day fund in case of economic catastrophe.
But Democrats are drooling over the possibility of extra $200 billion that hasn't been spent.
Rep. Larson Plan House Democratic Caucus Chairman John Larson, D-CT, wants money to fund job-creation legislation.
Rep. Larson said, "It was taxpayers who rescued Wall Street. Now it is time for Wall Street to contribute to the growth of Main Street."
Money for Small Business Senate Democrats want $40 billion to go toward loans to small businesses.
Sen. Mark Begich, D-AK, is one of more than two dozen Senate Democrats who support directing some TARP dollars toward loans for small businesses.
Sen. Begich said, "That's where it should have gone."
Begich said, "My constituents saw the big banks walk away with these bailouts and then at the same time ended up with huge salaries."
He said the small-business folks in his district wonder what happened to their help.
Rep. Schakowsky Comments Rep. Jan Schakowsky, D-IL, said, "Congress needs strong assurances that any future TARP money is going to be directed at Main Street, not big banks or credit card companies."
Schakowsky said, "We need to insist on that, on a plan that ordinary people can relate to."
Rep. Maffei Comments Rep. Dan Maffei, D-NY, said, "If it were up to me, I would scrap TARP and all of the baggage that goes along with it, and I would do something specifically for the community banks, so we don't depend on the bureaucracy and workings of the administration, etc., to make sure that it happens."
Maffei was 1 of 3 Democrats on the House Financial Services Committee this week to vote in favor of a GOP amendment to force the sunset of TARP.
Rep. Maffei said he's concerned that voters back home just aren't going to buy the notion that money used for unpopular bailouts of Wall Street firms and American automakers is suddenly going to help them.
Rep. Frank Plan Rep. Barney Frank, D-MA, Chairman of the House Financial Services Committee, wants to spend $2 billion of repaid Troubled Asset Relief Program funds to loans for unemployed homeowners so they can avoid foreclosure.
Speaker Pelosi Comments House Speaker Nancy Pelosi, D-CA, admits that "there's a good bit of interest" in spreading the money around to various economic projects.
