November 23, 2009
Posted: November 23rd, 2009 10:15 AM ET

From
Thune: Stop TARP before more damage is done.
Thune: Stop TARP before more damage is done.

(CNN) – For the federal government, this has been the year of spending dangerously.

The danger lies not just in the staggering volume of money being thrown around by the administration and Democrat-controlled Congress. It lies as well in their choices about how that money is being used and their apparent lack of concern that their spending splurge is unsustainable.

Just this past fiscal year alone, which ended in October, the federal government has racked up a staggering deficit of $1.4 trillion, tripling the previous record. And it has done so in part through moves like buying an ownership stake in hundreds of banks, an insurance company, two automakers and numerous other businesses.

A little over a year ago, Congress created the Troubled Asset Relief Program to try to stabilize plummeting financial markets

Full Story

Sen. Thune talks to CNN Radio’s Bob Costantini:

Filed under: Congress • John Thune • TARP


seebofubar   November 23rd, 2009 3:07 pm ET

For the life of me I can't understand why liberals will not accept the fact that Obama is a clueless idiot. Even the left leaning media is starting to realize it. In order to move on and actually try to fix some of the huge problens facing our country, you'll have to admit that Obama was a BIG mistake and try to find some way to stop his devistating policies and replace him with a real president ASAP.

Independent Bob   November 23rd, 2009 3:00 pm ET

When will we come to the realization that both partys are guilty in varying degrees for the fiscal problems in this country? Both partys! The Democrats and Republicans bash each other in an effort to be the party in power. The silly thing is they use the same arguments against each other to gain political advantage. They always punctuate their arguments with inflammatory language to evoke an emotional response. The fact that we buy into this rhetoric as is amply demonstrated in these blogs.

We need to find and elect candidates that will strive to find solutions to the issues we face – candidates that are not tied to party idealogy and that are not behold'in to that party. Candidates that will not weigh their policy making decisions against the political consequences. I applaud the freshman Sentor that is will to risk his seat in the next election because of his stand on the health care reform legislation. Whether you agree with his position or not, you must respect his taking a principled stand on the issue. At least you know what you'll get from him and can vote based on the principle and not on the politics which changes like leaves blowing in the wind.

Right Leaning Independent   November 23rd, 2009 2:52 pm ET

Are folks that post here so ignorant to believe that the damage to our economy was done solely by the Bush administration?? Folks, look to the past and see the decisions that deregulated banks and forced lending to folks that would not normally qualify for loans. These policies are the results of Democrat administrations. Also, understand that Dems controlled Congress for the last 3 years!! 2 years unders Bush and 1 year under Obama and look where we are today! While I agree that Bush spent more than he should have, Obama is trying to make Bush look like a penny pincher!! You are a hypocrite if you think Bush spent too much but it is ok for Obama to spend our country into the abyss! You may personally think these bailouts stoped a greater down turn but there is a growing group that believes in the free market and that the bailouts were nothing more than a waste of money and only prolonged our exit from the recession!

Wil   November 23rd, 2009 2:51 pm ET

Yes let's stop the spending because it's starting to work and our drones will start to question our master plan to just say NO to everything and the Dems are a evil ungodly lot put us back in charge we will cut your taxes pay no attention to the man behind the curtin our no plan is the right plan for america.

Sgt. USMC   November 23rd, 2009 2:49 pm ET

over a year ago? who was in control then? hmm. why not go back 8 years? oh, that will shed light on the real culprits of this hot mess and it would make YOUR party look bad. Thune I can see your ego is as big as your frankenstein head so the best thing to do is to sit back and watch how you and your repugs eat each other like starving rats.

NotFooledTX   November 23rd, 2009 2:47 pm ET

Just exactly what economic credentials does Mr. Thume possess?

This sound like more grandstanding and politicing for electoral gain than it does sound economic judgement.

Yeah, it may sound good Mr. Thune, but in practice it's a fail. Pretty much the republican philosophy – run a good election campaign and fail in all aspects of leadership. Sound bytes don't matter – it's the actions and performance that count. So far, the republicans don't have a leg to stand on. Remember who "lead" us into this mess.

The Lonely Libertarian of Liverpool NY   November 23rd, 2009 2:45 pm ET

OMG when will the finger pointing between the Liberals and the Conservitives ever stop? This economic collapse started in 1973. And I believe both of these political parties have had their fair share of blame in it's creation.
Economic collapses occur becuse money has no value ever. What truely has value is knowledge and skills that can be exchanged for money. This is where our great nation comes at risk. We no longer have value added skills and knowledge, as a service economy all we do is shuffle paper, invent derivitives, but we are not adding anything of value to any process thus we do not create anything new or valuable.

Chandler   November 23rd, 2009 2:44 pm ET

This story, like many others, tries to paint the TARP as being a creation of Democrats. It was created by Bush. People and news organizations try to re-write history, but we are still digging through so much manure that was left to us by Bush.

ran   November 23rd, 2009 2:42 pm ET

Tarp was started with Bush. Also, I do not recall a single Republican being upset with all the spending and tax give aways to the top 1% when they and Bush had control.

Now spending to help the people,the GOP is against because it would help the people and the GOP can not have any of that happening so they will obstruct everything they can in hopes that they will regain power in 2010/2012.

I can only hope people will see the GOP for what they are and in 2010/2012 give us even more Democrats in both the House and Senate as well as keep president Obama in the WH for another 4 yrs.

People please think before you vote.

Dominican mama 4 Obama   November 23rd, 2009 2:40 pm ET

You know, it's gotten to the point where it is nauseating to hear this tripe. How many times do we have to rehash the dire straits the country was left in? How many times do we have to point out the UNDISCLOSED costs of 2 wars? The same points over and over. Desperate times call for different measures. The administration has had to do unusual things to pull us out of this recession. These are NOT normal times. Enough already from another useless member of the Screw the Country Party (GOP). My God, no ideas, all criticism, ALL THE TIME, and blocking, blocking, blocking. How much further would this country be by now if these guys decided to CONTRIBUTE versus DETRACT? But the Republicans DON'T care about America. How sad and how low has the GOP gotten in their quest to regain power. NOT to help America, but just to be in charge.

Grundoon   November 23rd, 2009 2:37 pm ET

I want to know why these guys were during the Bush Admin!!! John McCain was on the Daily Show in PO'd as a hell because the GOP wa in power and, "spendign money like druken sailors." Spending is only a problem for the GOP when they aren't the ones doing it.

howie   November 23rd, 2009 2:36 pm ET

Thune, I know little about you however you sound like a good man with the right priorities. Keep up the good work, we are behind you.

Rush Limburger   November 23rd, 2009 2:34 pm ET

Forget it, Thune. The GOP's desperate, but not so desperate they'll nominate you, I don't care what Brooks says. They'll pick Santorum first.

Jim   November 23rd, 2009 2:34 pm ET

I think there are valid arguments to stopping TARP to free the money for other uses. That said, trying to tie TARP to the democrats is intentionally misleading and doesn't do much for Thune's credibility. Bush asked for TARP, signed it into law, and administered it in its first days. If Republicans want to call it a bad idea now, they should be honest about their part in the mess.

Chicago 11   November 23rd, 2009 2:27 pm ET

Thune should simmer down. If there hadn't been a TARP he would have nothing to carp about - we'd be in such a depression that frivolous complaints would be totally useless. Like it or not, TARP saved us.

Maybe a little gratitude instead?

Jeff   November 23rd, 2009 2:27 pm ET

Do you know any slow or special people? I do, they are the ones who voted to authorize the TARP funds and now want to do away with them. Stupid is as stupid does,

JS007   November 23rd, 2009 2:24 pm ET

Funny, the GOP (with help from the Democrats) creates a massive house of cards that was the US housing market fuelled by unregulated Wall Street and then they (pretend to) complain when bail-outs are needed to keep the house of cards from blowing down completely. I wonder if Thune will be in favour of more regulation to prevent this from happening in the future? Of course not, because that would not be the American way.

Bob (Illinois)   November 23rd, 2009 2:24 pm ET

Oops. I was guilty of bad memory.

The vote in favor releasing $350M of the TARP fund was NOT huge.

S M R   November 23rd, 2009 2:23 pm ET

At least this money is REGULATED and being used right here at home. The Republicans can't get their filty hands on REGULATED FUNDS.

Michele   November 23rd, 2009 2:13 pm ET

One question. Did this guy vote for Bush's "do it today" unaccounted for bailouts last fall that started this whole fiasco?
Obama at least has companies REPAYING our money. Those are loans, sir, not handouts.

Jefe   November 23rd, 2009 2:03 pm ET

As one of the Greatest Conservatives of All Time stated, "Deficits Don't Matter".

Al - Calif   November 23rd, 2009 2:03 pm ET

In a few more weeks, most of us will begin filing our 2009 tax returns. After you look at how much tax you owe, versus what (hopefully) your refund is, get back into your chair and know that the tax money has already been spent to the congress and the president. And, what they rake in from us this year will still not be enough to cover the expenses they've already committed to. Enough of the blame game on the past administration, Obama is in the hotseat now, so if you want to vent your anger, the blame is his, not anyone else.

Bob in Pa   November 23rd, 2009 1:50 pm ET

Stop Tarp ? The call should be to Stop Congress and Obama before they do any further damage.

Four and The Door   November 23rd, 2009 1:49 pm ET

The irony is that now that Democrats find that their huge programs giving huge piles of tax money to huge corporations does not do anything for unemployment, they are now ( $2 trillion later ) turning to the GOP strategy of helping small businesses. That was one expensive lesson on economics, huh?

cjr   November 23rd, 2009 1:37 pm ET

This guy is a NRA nut – another Bush republican and we all know what that means.

Jean 2   November 23rd, 2009 1:30 pm ET

Republicans need to bring some suggestions for solutions for our state of affairs in stead of grand standing for the media. If THE UNITED STATES' ECONOMY TANKS OR OUR HEALTH CARE CONTINUES AS IT IS, WE ALL SUFFER!!!

CNN we need a real news out let instead of opinions.

Steve, New York City   November 23rd, 2009 1:24 pm ET

And what might be Senator Thune's answer? Cut taxes?
Still gets us to the same problem (with the deficit).

Ethan   November 23rd, 2009 1:21 pm ET

"More damage"???

Who are you going to believe:

A) Economists who say TARP saved our economy from a Depression

or

B) a politician from the party who led us over the cliff?

Cmon folks. This one's easy. This man is a blatant, and I mean BLATANT, liar.

Here is the pattern:

The Republican Party CAUSES MAJOR PROBLEMS, THEN YELLS WHEN DEMS TRY TO FIX THEM.

At what point can we just look at the Republican Party and say ENOUGH OF YOUR LIES!

Hakim in Frisco Texas   November 23rd, 2009 1:16 pm ET

He says Congress asked for TARP. That is incorrect. President George W. Bush, on the receommendation of Hank Paulson asked for TARP which numerous Republicans voted for. So let's go and blame Bush if you hate it so much.

ggb   November 23rd, 2009 1:12 pm ET

If intelligent people would think through this rational, they would totally agree that government spending cannot continue. Where are the jobs promised this would create? Unemployment is the highest and truthfully, it is more like 17% if you count all those who lost benefits. Unemployment taxes have risen by $70,000 for my husbands small company. This certainly will cut any thoughts of job creation. Now we add this horrendous health care bill and everyone will be broke. What isn't getting said is that although Reid promises no tax increases, and yes, our seniors will see cutbacks in health care, is that the debt will go to the states and they will increase our taxes. The government is pushing us to a dependent socialist state which will really allow them total control of the citizens. This is proven to NOT be working well for England, France and Germany. Put a stop to this spending!

haren   November 23rd, 2009 1:10 pm ET

President is building nation but our own nation.
all issue of Health care,Energy cap and trade,Financial regulation,Education and ending war in Iraq are directly related to build this nation on sure footing for 21st century.
I will suggest republican party shut up and to take a walk.

D. Tree   November 23rd, 2009 1:10 pm ET

So the GOP was for TARP when Bush was in office, and against it now that a Democrat is in office.

The TARP money is being paid back with interest – the taxpayers are actually making money.

In the meantime, the GOP ignored the real problem: massive deregulation of the financial markets, which THEY are responsible for.

If you want to undo the damage, Mr. Thune start with breaking up the mega-banks and put sensible regulation back in place!

Marc   November 23rd, 2009 1:10 pm ET

Let's see...
NOW that there are reasons to believe that the TARP and other govt. actions either worked or are working, to get the US economy out of the downfall path that GWB led it, but not to the point that we can all say 'IT'S OVER!!!'... NOW, when the remedy is still necessary...
This member of the 'GOT NO ALTERNATIVE BUT SAY NO OVER AND OVER AGAIN' Party is asking to stop the medication?

connie, indiana   November 23rd, 2009 1:10 pm ET

and may I ask, who started the TARP program??Oh that is right Bush and Co.These are same ones that watched this country slide to the edge of the cliff and said nothing, other that the "economy is fundamentally strong", these are the same ones that got this country into 2 wars, one of which for revenge, killing and maiming thousands of soldiers and civilians, spending money like drunken sailors (sorry sailors), oh and Cheney said "deficit don't matter" and now the righteous right are screaming bloody murder, kinda hypocritical ain't ya.

Barbara Independent in NY   November 23rd, 2009 1:07 pm ET

Just once I'd like to hear a Republican admit that they are partly responsible for the mess we're in and actually offer a solution. Thune is just like all the rest of the Republcians–they spend whatever they want when it comes to their corporate masters. They count on the short attention span of many Americans. It appears that Thune also hangs out with "Family" member Ensign. Didn't his parents warn him about the company he keeps?

a little sad   November 23rd, 2009 1:05 pm ET

How much of the money spent in the last fiscal year was spent by the previous administration? Wasn't TARP their baby?

Unfortunately, there are no easy or cheap answers, and all the Reps are coming up with are cheap shots.

Hammerer   November 23rd, 2009 1:04 pm ET

But where would the money to buy votes come from. At 300 million a vote the administration needs more money in a hurry.

Bob (Illinois)   November 23rd, 2009 1:00 pm ET

I think Senator Thune has forgotten the origin of the TARP fund. Yes, it was passed by a Democrat controlled Congress but the vote in favor was HUGE.

Then, there is the debt rolled up by never putting the stupid Iraq invasion into the budget. But that's for another discussion.

Once again a member of the GOP has selective amnesia!

thrown around?   November 23rd, 2009 12:51 pm ET

Can you get more loaded phrasing CNN?
"danger"
"Money being thrown around"
"lack of concern"

You might consider that opinions belong in editorials. Reporting is a good thing.

I think you could do with a rewrite here.

Beyond absurd   November 23rd, 2009 12:50 pm ET

Senator Thune – Why did we not hear your shrill voice of concern when the Bush Administration started the bail out last fall? Or when the Bush Administration spent 1.2 trillion dollars on unnecessary wars in Iraq and Afghanistan? Where were you when the Bush administration turned the largest budget surplus into the largest deficit in this county's history? Got any ideas on how to solve this mess other than make believe that Republican conservatives had nothing to do with bringing America to its knees and preach that spending is a liberal disease? The American people are not as stupid as you and Karl Rove are counting on.

Mike in MN   November 23rd, 2009 12:47 pm ET

Now this dumbo wants some attention. He doesn't care if I can go to a Dr. I am voting STRAIGHT DEMOCRATIC TICKET. It is the only way out of this hole.

Chris from NY   November 23rd, 2009 12:47 pm ET

What do you suggest to do about it? Do nothing? I am sick of the media. I guess they have taken a page from CNN's Reliable sources with Howard Kurtz whose hated President Obama from day one and makes no bones about it. America inherited a huge amount of mess from the last administration. Instead of the media to help this man solve these problems they started campaigning for the Republicans from before the President was sworn it. Go figure people.

billy123   November 23rd, 2009 12:45 pm ET

What a great picture Ensin who has and affair and Thune with men like this leading the GOP the Deems have nothing to worry about!

Please remember the GOP was the party that put this country in the ditch to begin with.

Right wingnuts are the darlings of dementia   November 23rd, 2009 12:43 pm ET

Stop Thune before he ruins the country.

Gary   November 23rd, 2009 12:40 pm ET

It's alright to spend more than that if we are sending 40,000 soldiers to Af/Pak. We cannot spend that kind of money helping Americans. My Health Insurance is taken care of. Tough Titty for the rest of you. Oh Well.

S.B. Stein E.B. NJ   November 23rd, 2009 12:39 pm ET

I guess the question would be: would you rather have the world economy tank? I would like it to be stabilized a good bit. I know that it might take a while for these short sighted Republicans, but it has to be done so that we don't have another global depression like in the 1930's.

Where were these people when the tax cuts were going on? They could have said let us take this money since we have surplus and pay down our debt now. That should have been what they were thinking. The tax cuts should have gone away when the conflicts started.

darla   November 23rd, 2009 12:37 pm ET

just one question is this the bias view of Cnn? because if it is your bordering on being like Fox news. or Faux news as they are now known

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