TARP funds in play for jobs program-Obama Likely To Back Deal-Bill To Tap Bailout Money

[kpete]

Source: Washington Post

TARP funds in play for jobs program
OBAMA LIKELY TO BACK DEAL
Lawmakers crafting a bill to tap bailout money

By David Cho and Michael D. Shear
Washington Post Staff Writer
Saturday, December 5, 2009

During a speech about the economy next week, President Obama is likely to endorse using some of the government's $700 billion financial bailout for a new jobs-creation program, the White House said Friday.

"The president thinks we should and must do everything in our power to create an environment for job growth and job creation," press secretary Robert Gibbs said. When asked whether Obama will talk on Tuesday about the use of bailout funds, Gibbs said, "I think that's likely."

About $139 billion of the Troubled Assets Relief Program, or TARP, remains unallocated. Banks have paid another $10 billion in interest and dividends to the Treasury Department and returned about $71 billion in aid, Treasury reported last month. This week, Bank of America announced it would repay another $45 billion.

Treasury Secretary Timothy F. Geithner has advocated against spending unallocated TARP funds to demonstrate the administration's commitment to deficit reduction. But House Speaker Nancy Pelosi (D-Calif.) and other top Democrats have been crafting a bill that would tap the bailout program to create jobs. Geithner said this week that lower-than-expected losses on the program and "very substantial" repayments from once shaky banks will make it possible to accomplish both goals.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2009/12/04/AR2009120402593_pf.html

[TwilightGardener]

1. Good. I can't think of a better use for that money right now.

[Catshrink]

2. Better that than diversion into bonuses for bankers

[johnfunk]

3. America's Working Families are the REAL institution that is truly Too Big to be allowed to Fail

The banksters? They can go Cheney themselves.

[Schema Thing]

4. I wonder if this doesn't help healthcare

Obama has money to use. Which means that the 2010 elections might not be nearly the normal mid-term slaughter that the GOP is counting on. Which means that "moderates" might see it in their best interest not to be too far outside the Democratic camp.

And failing that, maybe we can just buy some votes.

[bluestateguy]

5. I wonder what Dennis Kucinich will find in this to bitch about

nt

[Name removed]

6. Deleted message

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[lsewpershad]

7. Geithner

Who the hell he thinks he works for? When it's time to spend for the workers he wants to a "commitment to deficit reduction"?
Geity ...go to hell.

[groundloop]

9. In this case your Geithner bashing may be unjustified

My take on the article cited was that first, it didn't say what Geithner was agianst spending TARP funds on, and it sounds like that was at some point in the past. Then it goes on to say that with the current situation Geithner said that even with spendint TARP funds on jobs cration that we will still have significant defecit reductions.

[laylah]

8. There IS no money!

It is all going to the MIC! I am not "under" on my mortgage but I struggle every month! If it weren't for my angel of an ex, I'd be in the streets! We, THE PEOPLE, need the help, not the MIC, not the wars, not other nations! WE need the help!

[truedelphi]

11. Well why do you think it is not going to us?

They already know that they are not going to see to it that any meaningful jobs end up being created. They already know that the foreclosures, joblessness, heavy taxation (just wait until the Cap and Trade policies start hurting the middle indocomed) keep us jsut a red cent away from suicide -- so why would anyone at the level of the MIC help us?

You don't loan money to people who are not going to pay it back. And since we of the middle incomed are increasingly impoverished, we just are not good investments.

[Hekate]

10. 5th Rec. Fingers crossed that it goes to a new WPA and CCC for infrastructure and environment jobs.