President Obama Endorses TARP FundsTo Pay For Jobs Initiative

[babylonsister]

http://www.washingtonmonthly.com/archives/individual/2009_12/021301.php

USING TARP FUNDS.... Senate Majority Whip Dick Durbin (D-Ill.) and Democratic Policy Committee Chairman Byron Dorgan (D-N.D.) have been quietly working on a jobs bill, and to pay for the initiative, Durbin is eyeing unused TARP money. Speaker Pelosi has raised the prospect of doing the same thing. Whispers from the White House, however, have suggested that the administration was eyeing the TARP money for deficit reduction.

I'm pleased to see the president seems to recognize job one.

President Obama is likely to endorse using a portion of the government's $700 billion financial bailout for a new jobs creation program during a speech about the economy next week, Press Secretary Robert Gibbs told reporters Friday morning.

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

About $139 billion of the Troubled Assets Relief Program, or TARP, remains unallocated and available to the administration.

In light of the better-than-expected employment numbers, there was widespread concern that policymakers might feel complacent about addressing the struggling job market. That would be a serious mistake -- without additional investment, it's likely the unemployment rate will remain above 8% for several years.

The president's apparent support for a jobs bill, paid for with TARP funds, makes it far more likely that this effort will come together, hopefully quickly.

Update: The Hill seems to be responding correctly, too: "I think we're at a moment now where we're beginning to see the positive benefits of the stimulus, but if we take our foot off the accelerator, we could relapse into a very, very slow recovery," said Sen. Jack Reed (D-R.I.) today.

—Steve Benen

[bluestateguy]

1. You would never see a Republican do this

A Republican would never support using TARP for jobs, nor would a Republican support using TARP to save GM and Chysler, which also saved many jobs.

[Kdillard]

2. +100

This is good news and I believe all the investments that Obama is making will pay off. I know he would like to do something about the deficit but now is the wrong time. At least the money is being spent on things beneficial to the country.

[SpartanDem]

7. +1000

[ChimpersMcSmirkers]

11. The pukes would have totally let GM and Chrysler go under taking 10% of our manufacturing

base with it. Obama doesn't get enough credit for bailing the auto industry out. He pushed it hard and it was the right call. The whiners around here calling Obama Bush-lite can shove it up their asses.

[cliffordu]

15. yep, they can

:headbang:

[SpartanDem]

17. Let's be honest it just wasn't the pukes

as Michigander and son of a retired autoworkers I gotta admit I was taken aback at how many on the left were willing to do the same.

[PopSixSquish]

3. Good for the President

I'm glad he's changed his mind on this...

[firedupdem]

4. Rec'd n/t

[Clio the Leo]

5. And there you go. NT

[Cha]

6. A big thank you to Pres Obama and the Dems

for making this possible!

[Beetwasher]

8. Stimulus II

[Peacetrain]

9. Way to go President Obama and Democrats.. you make me so proud

[HughMoran]

10. Good idea

do it

[JoeyT]

12. Good

Hopefully this will be enough to at least get the economy turned around so a real recovery can start.

[chill_wind]

13. K & R Good news. Pete DeFazio was way out in front

of this a couple weeks ago.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x404169

[Hekate]

14. More good news--excellent. I'm hoping for a new WPA and CCC for our infrastructure and environment.

Step by step.

Hekate

[FrenchieCat]

16. Excellent!

[jenmito]

18. "Error: you can only recommend threads which were started in the past 24 hours"

Kick, though, for all the Obama=Bush posters. (Crickets)

[andym]

19. good idea! nt.