Obama administration looks to use TARP for deficit reduction


Correct me if I’m wrong, but didn’t we borrow the TARP money? So we are going to pay the debt with borrowed money? Is it any wonder why the American people have no confidence in Congress? And why do they think that it’s helpful to small businesses to to let them borrow more money rather than letting them keep their own money to begin with? This is government folks, and they want to run everything.

ObamaMoney

The Obama administration may begin using leftover bailout funds to pay off the deficit, the president’s budget director said Thursday.

Office of Management and Budget Director Peter Orszag told a summit this afternoon sponsored by Bloomberg News that the $210 billion in unspent funds from the Troubled Asset Relief Program (TARP) may be used in part to pay off the deficit. “We’re reorienting TARP towards assistance for responsible families and lending for small businesses,” Orszag said.

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