Bailout Watchdog Boss: TARP Not Meant For Job-Creation
11th December 2009
The chairman of the congressional watchdog panel overseeing the TARP says the bailout fund is not intended for job-creation program and thus should not be used for them, as the Obama administration is reportedly now considering.
The Obama administration plans to announce on Wednesday that it intends to extend the life of the $700 billion financial bailout fund until next October, sources told CNBC Tuesday.
An administration official told CNBC that it will dedicate $175 billion of TARP money to deficit reduction. The amount represents the total the Treasury expects to be repaid by banks through 2010.
Law? We’re the government! We ARE the law!