Word: tarps
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...Though the President did not offer a cost - estimates on Capitol Hill have put the total bill at anywhere between $75 billion and $200 billion - he did justify the new spending by citing nearly $200 billion in unspent or returned funds from the Troubled Asset Relief Program, or TARP. "This gives us a chance to pay down the deficit faster than we thought possible and to shift funds that would have gone to help the banks on Wall Street to help create jobs on Main Street," he said...
...President's logic is at odds with the initial premise of TARP, which was sold to Congress as a loan program that would be mostly paid back to the Treasury, where its proceeds would be used to pay down the deficit. "The $700 billion program we have proposed is not a spending program," former Treasury Secretary Hank Paulson explained before Congress in September 2008. It didn't take long for Republicans to take that position. "The stimulus money clearly was a spending bill. TARP was a loan - a loan to be paid back. And we know that a number...
...briefing call with reporters before the speech, a senior Administration official said that even though the unspent and returned TARP funds could not be used directly to fund the new stimulus efforts, they still created an environment in which there was "more fiscal room" for further spending. "There's other offsets over a 10-year period that one could consider as well," the official said, without providing any specifics...
...evidence of the past eight months suggests that Geithner was mostly right and his critics were mostly wrong. The financial sector is in much better shape than it was then. TARP money is being repaid, and the debate now is what to do with the billions that were never needed... Geithner's path was a middling one, but it helped the country muddle toward recovery...
...workers. House Financial Services Committee chairman Barney Frank has proposed a $2 billion fund to help homeowners avoid foreclosure. In the Senate, Virginia's Mark Warner wants to use $50 billion in leftover bank-bailout funds for small-business loans (as of the end of October, the so-called TARP program still had $300 billion left). And Senator Jack Reed, a Rhode Island Democrat, has taken inspiration from Germany's successful weathering of the financial crisis and proposed a $600 million fund to subsidize workers who volunteer to have their hours cut back to help companies avoid layoffs...