[Congressional Record Volume 155, Number 91 (Wednesday, June 17, 2009)]
[House]
[Page H6910]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          RETURNED TARP FUNDS MUST BE USED TO PAY DOWN DEFICIT

  (Mr. LANCE asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. LANCE. Madam Speaker, last week, the U.S. Department of the 
Treasury announced the repayment of TARP funds from 10 banks totaling 
$68.3 billion returned to the TARP program. The TARP repayment news is 
a promising sign that our beleaguered financial system is beginning to 
stabilize and taxpayer funds are being returned.
  While many of my colleagues and I have called for these repayments to 
be applied to help pay down the national debt, Treasury Secretary 
Timothy Geithner has indicated that the returned funds would ``free up 
resources'' for future bailout loans.
  I respectfully disagree with the Secretary's position that these 
moneys should be reused in the future. The repaid taxpayer funds should 
only be used to pay down the ever-growing national debt.
  I call on Congress to pass H.R. 2119, legislation I am cosponsoring 
that would require the Treasury to apply returned TARP funds to debt 
reduction.

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