House lawmakers discourage extension of bank bailout

[The Straight Story]

House lawmakers discourage extension of bank bailout
By Bill Swindell CongressDaily September 25, 2009

Twenty-eight House lawmakers wrote Thursday to Treasury Secretary Timothy Geithner requesting that he not extend the Troubled Asset Relief Program that is slated to expire at year's end amid indications that the Obama administration will renew it for 10 months.

Twenty-one Democrats and seven Republicans wrote to Geithner that the program should end on Dec. 31, citing several reasons, including poor oversight, funds that were allocated outside their original purpose of bringing more liquidity to credit markets and a belief that no more taxpayer money should be used to prop up banks.

"It is essential that our economy continue to rebound, but the TARP program has been flawed from the start and further spending in this program to bail out banks on the backs of working families across the country is not the best way to help our economy, or a good use of taxpayer dollars. Our financial markets must be stabilized and rebuilt while protecting American taxpayers," the members wrote. Rep. Paul Hodes, D-N.H., organized the letter.

The Obama administration faces a political quandary in renewing the program, given bailout fatigue in Congress -- especially actions the Federal Reserve has taken without any legislative approval, such as its $182 billion rescue of insurance conglomerate American International Group.

http://www.govexec.com/story_page.cfm?articleid=43668&dcn=todaysnews

[aquart]

1. The House is behaving nicely lately.

[RUMMYisFROSTED]

2. How's the yard doing?

[Autumn]

3. Good, there is no reason

to give them another damn dime.