November 23rd, 2009
10:15 AM ET
12 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. darla

    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

    November 23, 2009 12:37 pm at 12:37 pm |
  2. S.B. Stein E.B. NJ

    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.

    November 23, 2009 12:39 pm at 12:39 pm |
  3. Gary

    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.

    November 23, 2009 12:40 pm at 12:40 pm |
  4. Right wingnuts are the darlings of dementia

    Stop Thune before he ruins the country.

    November 23, 2009 12:43 pm at 12:43 pm |
  5. billy123

    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.

    November 23, 2009 12:45 pm at 12:45 pm |
  6. Chris from NY

    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.

    November 23, 2009 12:47 pm at 12:47 pm |
  7. Mike in MN

    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.

    November 23, 2009 12:47 pm at 12:47 pm |
  8. Beyond absurd

    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.

    November 23, 2009 12:50 pm at 12:50 pm |
  9. thrown around?

    Can you get more loaded phrasing CNN?
    "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.

    November 23, 2009 12:51 pm at 12:51 pm |
  10. Bob (Illinois)

    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!

    November 23, 2009 01:00 pm at 1:00 pm |
  11. Hammerer

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

    November 23, 2009 01:04 pm at 1:04 pm |
  12. a little sad

    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.

    November 23, 2009 01:05 pm at 1:05 pm |
  13. Barbara Independent in NY

    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?

    November 23, 2009 01:07 pm at 1:07 pm |
  14. connie, indiana

    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.

    November 23, 2009 01:10 pm at 1:10 pm |
  15. Marc

    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?

    November 23, 2009 01:10 pm at 1:10 pm |
  16. D. Tree

    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!

    November 23, 2009 01:10 pm at 1:10 pm |
  17. haren

    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.

    November 23, 2009 01:10 pm at 1:10 pm |
  18. ggb

    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!

    November 23, 2009 01:12 pm at 1:12 pm |
  19. Hakim in Frisco Texas

    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.

    November 23, 2009 01:16 pm at 1:16 pm |
  20. Ethan

    "More damage"???

    Who are you going to believe:

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


    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:


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

    November 23, 2009 01:21 pm at 1:21 pm |
  21. Steve, New York City

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

    November 23, 2009 01:24 pm at 1:24 pm |
  22. Jean 2

    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.

    November 23, 2009 01:30 pm at 1:30 pm |
  23. cjr

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

    November 23, 2009 01:37 pm at 1:37 pm |
  24. Four and The Door

    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?

    November 23, 2009 01:49 pm at 1:49 pm |
  25. Bob in Pa

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

    November 23, 2009 01:50 pm at 1:50 pm |
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