U.S. Rep. Charlie Dent (PA-15) voted against H.R. 2847, the “Second Stimulus,” due to its misguided use of recovered Troubled Asset Recovery Program (TARP) funds that should have been designated for deficit reduction. H.R. 2847 also throws more spending toward supposed “job creation” despite the failure of the first trillion-dollar Stimulus to thwart rising unemployment.
“I cannot support a ‘Second Stimulus’ when the first one has not yielded sustainable job creation,” Congressman Dent said. “If the majority wants to create jobs there are a number of ways to restore confidence and boost private-sector hiring. But excessive spending on government growth is the wrong way to go.”
TARP was originally enacted as a temporary plan to address an extraordinary crisis in our financial markets as a result of the collapse of financial firms that the government said were ‘too big to fail.’ The Administration has extended the TARP program to October 3, 2010, which has opened the door to efforts by Democrats in Congress to begin spending unallocated and repaid TARP funds for programs unrelated to the financial emergency.
“It is an irresponsible breach of the public trust to treat the TARP funds repayments as ‘found money’ for new spending,” Congressman Dent said. “If we are going to invest federal money, it should be done sparingly and wisely, and this Congress continues to spend excessively and without consideration for long term consequences."
Congressman Dent also voted against H.R. 4314, which increased in the statutory debt limit to $12.4 trillion. He had earlier proposed that Congress should lower the debt ceiling by the amount recovered under the TARP program.