Johanns disappointed with Senate vote to continue administration's slush fund

WASHINGTON -- Senator Mike Johanns today expressed strong disappointment after a proposal he cosponsored to shut down the Troubled Asset Relief Program (TARP) failed in the Senate. Johanns voted in favor of the Erasing Our National Debt Through Accountability and Responsibility Plan (ENDTARP), an amendment to the federal debt increase bill currently being debated in the Senate. The amendment, which needed 60 votes to pass, failed, 53-45.

"Over the course of the past year, the broad expansion of TARP's scope has egregiously violated its original purpose," Johanns said. "TARP was sold as a way to buy toxic assets and shore up the economy. Unfortunately, the Administration's decision to extend TARP demonstrates just how much it has morphed into a revolving slush fund for runaway spending. I am disappointed that so many of my colleagues refused to shut down TARP."

ENDTARP, originally introduced by Sen. John Thune (R-SD), would end the Treasury Department's authority to spend unobligated TARP funds immediately. It would additionally mandate that any further repaid TARP money lower the national debt.