[Congressional Record (Bound Edition), Volume 155 (2009), Part 22]
[House]
[Page 29847]
[From the U.S. Government Publishing Office, www.gpo.gov]




          USING BAILOUT FUNDS AS A SLUSH FUND VIOLATES THE LAW

  (Mr. PENCE asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PENCE. Last year I opposed the Wall Street bailout because I 
thought it was just wrong to take $700 billion in bad decisions on Wall 
Street and transfer that debt burden to Main Street and future 
generations of Americans.
  But while I believe the action taken by Congress a year ago was 
wrong, the TARP legislation actually rightly demanded that any money 
not used to purchase toxic assets in the bill be used to pay down the 
national debt. The legislation specifically says that any leftover TARP 
money goes to deficit reduction.
  That's why I have to tell you, Madam Speaker, I was astonished when I 
heard Speaker Nancy Pelosi last week suggest that her source to pay for 
a new so-called stimulus bill would be leftover TARP funding. And if 
press reports are true, the President of the United States will address 
the Brookings Institution this morning and suggest the same.
  Let me be clear on this point. To use money from the TARP fund in the 
manner that is being discussed by the White House and congressional 
Democrats would be a violation of the law, and it would betray the 
trust of the American people.
  It seems the Democrats' policy on spending is, If we got it, spend 
it--no matter where it comes from.

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