(CNSNews.com) – House Speaker Nancy Pelosi (D-Calif.) said that excess funds from the Troubled Asset Relief Program (TARP), the legislation approved to bailout the financial industry, can and should be used to fund additional stimulus programs that the House of Representatives is considering.
Pelosi said the unspent (and repaid) funds from the financial industry bailout would be a “good pay-for” for a second round of stimulus spending.
House Minority Leader John Boehner (R-Ohio), however, said that spending the remaining--or repaid--money “on useless government programs is a very big mistake.”
TARP, part of the Emergency Economic Stabilization Act of 2008, was designed to permit the U.S. Treasury to purchase assets from financial firms bogged down by “troubled assets” that prompted a credit crisis last year.
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