WASHINGTON, DC - House Speaker John Boehner (R-OH) issued the following statement after the House voted to begin shutting down the TARP bailout program, saving taxpayers $8 billion in mandatory government spending, with more savings to come:
“I’m pleased the House has voted to save taxpayers billions of dollars by beginning to shut down the TARP bailout program. The American people understand we can’t continue spending money we don’t have, especially on things that don’t work. That’s why we’re focusing not just on discretionary spending, but mandatory spending as well. Unfortunately, the Democrats who run Washington believe in this time of fiscal challenges we should continue propping up government programs that overspend and underdeliver. The new majority in the House will continue to listen to the American people, who want us to cut spending to end uncertainty for small businesses and help them begin hiring again. I hope the Senate will give these spending cuts the consideration they deserve.”
NOTE: Yesterday, the Obama Administration threatened to veto H.R. 830, the measure the House passed today, defining as “vital” a government program that has been used by only 44 people. More than $8 billion in TARP funds have been set aside by the Administration to keep this ineffective program going.
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