WASHINGTON – U.S. Representative Candice Miller (MI-10) today made the following comments in response to the Wall Street Reform and Consumer Protection Act of 2009, the defeat of a House Republican effort to terminate the Troubled Asset Relief Program (TARP) program and to reiterate current law that dollars repaid into the TARP fund be used to pay down the national debt. Recently, President Obama outlined his Administration’s plan to use TARP funds for additional federal spending that would add even more to our deficit.

Representative Miller said:

“Congress and the American people were told that the TARP funds used to bailout Wall Street were necessary to secure the nation’s financial industry and would only be used for that purpose. They were also promised that those funds would be loaned to financial institutions, and when those loans were repaid, the money would be returned to the Treasury to reduce our deficit. Now, the Administration and Democrat leaders in Congress are beginning to talk about spending the remaining and returned TARP funds on items unrelated to strengthening our financial system.

“The American people simply do not support continuing the government bailout of private businesses. They are demanding that action be taken to reduce the massive federal budget deficit. Today, Congress had an opportunity to take action on both of those priorities, but the majority decided to continue the bailouts.

“I voted against the Wall Street bailout because of the great concern I had for the massive amounts of debt that would be placed on future generations. Our nation incurred a $1.4 trillion deficit in 2009, and we are looking at a similar deficit accumulating next year. Struggling American families continue to tighten their belts in this difficult economy, while Washington has continued with out of control spending. I will continue to work in Congress to return to the fiscal responsibility being demanded by the American people; it is unfortunate that a majority of my colleagues did not join in that effort today.”

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