Sen. Cornyn Statement on Today's TARP Vote

Statement

U.S. Sen. John Cornyn, R-Texas, a member of the Senate Finance Committee, today issued the following statement after the Majority voted down the Thune Amendment, of which Sen. Cornyn was an original cosponsor, that would have terminated the Treasury Department's authority to spend unused TARP funds and required that any repaid funds go toward paying down the national debt:

"TARP is a government credit card that should be cancelled. Instead, the majority voted to allow the Treasury to continue using TARP as a $700 billion slush fund for purposes that Congress never authorized. The best way to protect taxpayer money is to never spend it in the first place," Sen. Cornyn said.

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