WASHINGTON, D.C. – Congressman Leonard Lance, (R-NJ), this week renewed his call to allow the Trouble Asset Relief Program (TARP) to expire at the end of this year and direct repaid funds and interest toward debt reduction.
“The TARP law was meant to provide a one-time infusion of funds raised to help stabilize a financial system on the brink of failure,” Lance said. “Yet there are some leaders in Washington that see the TARP funds as a trough of unspent money for more federal spending. That’s wrong and fiscally irresponsible at a time when our federal debt stands at more than $12 trillion.”
In a letter to Treasury Secretary Geithner, Lance and more than three dozen House Republicans have asked that the program be allowed to expire at the end of the year and direct the more than $325 billion to debt reduction.
“In order for the government to exit from the unprecedented interventions of the past year and a half, the government must first stop spending funds on more interventions,” the lawmakers urged Geithner. “The emergency has ended, and TARP must end as well.”
Lance is a cosponsor of legislation (H.R. 2119) that would require the U.S. Treasury to apply TARP funds to debt reduction.
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