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Wilson and McCarthy Urge Treasury to use TARP Repayments to Pay Down National Debt

June 8, 2009

FOR IMMEDIATE RELEASE

June 8, 2009

Rep. Wilson Contact: Ryan Murphy, (202) 225-2452 or (202) 689-4825

Rep. McCarthy Contact: Nick Bouknight, (202) 225-2915

Wilson and McCarthy Urge Treasury to use TARP Repayments to Pay Down National Debt

WASHINGTON – Today, in response to news reports that recipients of TARP funds may be able to pay those funds back, Congressmen Joe Wilson (SC-02), Kevin McCarthy (CA-22), and other members of Congress sent a letter to Treasury Secretary Geithner urging those repaid TARP funds go directly towards paying down the national debt, and for Treasury to forgo the use of TARP funds as a revolving fund for more spending.

Congressmen Wilson and McCarthy introduced H.R. 2063 and H.R. 2119, respectively, earlier in April to ensure that repaid Troubled Asset Relief Program (TARP) funds pay off the taxpayer first and go directly towards paying down our national debt. If enacted, both bills would also ensure that each time a financial institution makes a repayment of assistance, the amount of purchase authority provided under TARP is reduced by a corresponding amount.

Congressman Wilson issued the following statement:

“The American people are rightfully fed up with a government that borrows too much and spends too much of their hard earned taxpayer dollars. A massive debt threatens our current economy and mortgages the future of our children and grandchildren. We must continue to find places to cut spending and rein in the size, scope, power, and cost of government. Using the returned TARP funds to pay down the public debt would be an important step towards that goal. This money should not be left to the imagination of Washington bureaucrats or Congress to spend on pet projects or more bailouts.”

Congressman McCarthy issued the following statement:

“From AIG bonuses to record deficits, hardworking American middle-class taxpayers were promised fiscal accountability with TARP, but just got more of the same. Congress should do better, and can help promote accountability by ensuring repaid TARP funds actually repay the ones footing the bill – the taxpayer. As opposed to using repaid TARP funds to take out a larger credit line for Washington spending, Congress can provide some relief to the American taxpayer who is on the hook for the record bailout borrowing.”

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