November 23rd, 2009
10:15 AM ET
13 years ago

Thune: Stop TARP before more damage is done

[cnn-photo-caption image= caption="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

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

Filed under: Congress • John Thune • TARP
soundoff (47 Responses)
  1. Al - Calif

    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.

    November 23, 2009 02:03 pm at 2:03 pm |
  2. Jefe

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

    November 23, 2009 02:03 pm at 2:03 pm |
  3. Michele

    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.

    November 23, 2009 02:13 pm at 2:13 pm |
  4. S M R

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

    November 23, 2009 02:23 pm at 2:23 pm |
  5. Bob (Illinois)

    Oops. I was guilty of bad memory.

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

    November 23, 2009 02:24 pm at 2:24 pm |
  6. JS007

    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.

    November 23, 2009 02:24 pm at 2:24 pm |
  7. Jeff

    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,

    November 23, 2009 02:27 pm at 2:27 pm |
  8. Chicago 11

    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?

    November 23, 2009 02:27 pm at 2:27 pm |
  9. Jim

    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.

    November 23, 2009 02:34 pm at 2:34 pm |
  10. Rush Limburger

    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.

    November 23, 2009 02:34 pm at 2:34 pm |
  11. howie

    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.

    November 23, 2009 02:36 pm at 2:36 pm |
  12. Grundoon

    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.

    November 23, 2009 02:37 pm at 2:37 pm |
  13. Dominican mama 4 Obama

    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.

    November 23, 2009 02:40 pm at 2:40 pm |
  14. ran

    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.

    November 23, 2009 02:42 pm at 2:42 pm |
  15. Chandler

    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.

    November 23, 2009 02:44 pm at 2:44 pm |
  16. The Lonely Libertarian of Liverpool NY

    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.

    November 23, 2009 02:45 pm at 2:45 pm |
  17. NotFooledTX

    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.

    November 23, 2009 02:47 pm at 2:47 pm |
  18. Sgt. USMC

    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.

    November 23, 2009 02:49 pm at 2:49 pm |
  19. Wil

    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.

    November 23, 2009 02:51 pm at 2:51 pm |
  20. Right Leaning Independent

    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!

    November 23, 2009 02:52 pm at 2:52 pm |
  21. Independent Bob

    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.

    November 23, 2009 03:00 pm at 3:00 pm |
  22. seebofubar

    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.

    November 23, 2009 03:07 pm at 3:07 pm |
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