[Congressional Record Volume 155, Number 7 (Tuesday, January 13, 2009)]
[Senate]
[Pages S319-S320]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           WORK OF THE SENATE

  Mr. McCONNELL. Mr. President, a couple brief observations with 
reference to what the Democratic leader just indicated. I want to say I 
appreciate the way in which we are going forward here. When he and I 
first came to the Senate, the notion that you would pass bills without 
amendment was foreign to everyone. I think we are getting off to a good 
start here with a kind of reestablishment of the Senate as it used to 
operate with amendments

[[Page S320]]

being appropriate. As members of his party said when they were in the 
minority, the Senate is not the House. I think there is a growing 
appreciation on both sides of the aisle that we ought not to operate 
that way.
  With regard to the organizing resolution, I agree with the majority 
leader that we are very close to being ready to move forward on that. 
It is a difficult process for the two of us, but I think we have gotten 
close to being at a point of completion, which is, of course, essential 
to beginning our business.


                                  TARP

  Now, on another matter, Mr. President, a few months ago some of our 
Nation's top economic minds came to the Capitol to tell us about an 
impending crisis. The crisis, of course, was the accumulation of toxic 
assets at banks here and around the world that threatened to paralyze 
America's economy, jeopardizing the livelihood of literally millions. 
Without action, we were told, the Nation faced certain calamity.
  For many, the normal impulse would be to let the bad actors who 
caused this mess face up to their mistakes. But since millions of 
families and small business owners, who did nothing wrong, were caught 
up in the errors of the few, we decided, with some degree of 
reluctance, to approve funding for the Troubled Asset Relief Program, 
now commonly referred to as the TARP.
  Fearful of waste and abuse, Republicans insisted on a number of 
taxpayer protections. We also insisted on releasing the money in two 
installments so we could review how the first one was spent before 
approving the second. Yesterday, a request for the second installment 
was made. I had an opportunity to talk to the incoming President about 
that matter yesterday.
  Throughout this ordeal, I have not wavered on one basic principle: I 
voted for the first installment on the condition that it be used to 
prevent a systemic--a systemic--economic collapse affecting every 
single American. And I continue to believe this money should be used 
for the reason it was first approved. The current administration, 
regretfully, used these funds for the auto industry, a move I opposed. 
Now congressional Democrats are suggesting more of the same. The 
American people still do not have assurances that this money will not 
be wasted or misused to play favorites.
  So far, the incoming administration has not said whether it plans to 
limit the funds to their original purpose or to expand their use to 
help specific industries. The taxpayers are eager to hear the new 
administration's plan, and so are Republicans in Congress. We will hear 
from the incoming administration soon. We will be happy to listen. They 
will have a receptive, albeit cautious, audience.
  Mr. President, I yield the floor.

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