{"id":9864,"date":"2009-12-02T14:36:06","date_gmt":"2009-12-02T21:36:06","guid":{"rendered":"http:\/\/www.nmpolitics.net\/index\/?p=9864"},"modified":"2009-12-03T10:11:20","modified_gmt":"2009-12-03T17:11:20","slug":"teague-wants-to-end-financial-sector-bailout","status":"publish","type":"post","link":"https:\/\/nmpolitics.net\/index\/2009\/12\/teague-wants-to-end-financial-sector-bailout\/","title":{"rendered":"Teague wants to end financial-sector bailout"},"content":{"rendered":"<div id=\"attachment_7915\"  class=\"wp-caption module image alignleft\" style=\"max-width: 300px;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-7915\" title=\"Teague\" src=\"http:\/\/www.nmpolitics.net\/index\/wp-content\/uploads\/2009\/10\/Teague.jpg\" alt=\"U.S. Rep. Harry Teague (Photo by Heath Haussamen)\" width=\"300\" height=\"250\" \/><p class=\"wp-caption-text\">U.S. Rep. Harry Teague (Photo by Heath Haussamen)<\/p><\/div>\n<p>U.S. Rep. <a href=\"http:\/\/teague.house.gov\/\">Harry Teague<\/a>, D-N.M., introduced legislation today that would put an end to the financial-sector bailout approved by Congress and former President George W. Bush last year.<\/p>\n<p>The bill would also use the leftover funding from the <a href=\"http:\/\/en.wikipedia.org\/wiki\/Troubled_Assets_Relief_Program\">Troubled Asset Relief Program<\/a> (TARP) \u2013 currently some $200 billion \u2013 to pay down the national debt, and it would lower the United States\u2019 debt ceiling by that amount.<\/p>\n<p>\u201cI opposed the bailout because it did more for\u00a0Wall Street\u00a0than it did for\u00a0Main Street,\u201d Teague said in a news release.\u00a0\u201cWe need to end TARP.\u00a0And rather than allow for any remaining TARP funds to be used as a\u00a0slush fund\u00a0for other programs, we need use that money to pay down our national debt.\u201d<\/p>\n<p>\u201cTARP was deeply flawed from the beginning. While most families in my district were tightening their belts, the bailed-out\u00a0financial institutions were awarding executive bonuses,\u201d he said. \u201cThis flawed program still has $200 billion of taxpayer money available, and it\u2019s time to pull the plug so the American taxpayer isn\u2019t further burdened.\u201d<\/p>\n<p>Teague\u2019s bill is called the TARP Sunset and\u00a0Fiscal Responsibility Act. It\u2019s cosponsored by Reps.\u00a0Betsy Markey,\u00a0Suzanne Kosmas,\u00a0Larry Kissell and\u00a0Debbie Halvorson.<\/p>\n<p>During a discussion earlier this year about whether Congress should stop the second of two $350 billion infusions of cash authorized by TARP, President Barack Obama said <a href=\"http:\/\/abcnews.go.com\/Politics\/Economy\/story?id=6638175&amp;page=1\">he would veto<\/a> any attempt to cut off the funding.<\/p>\n<p>While it\u2019s true that Teague said last year, as a candidate for Congress, that he would have <a href=\"http:\/\/www.nmpolitics.net\/index\/2008\/10\/senate-to-vote-on-bailout-pressure-remains-on-house\/\">voted against TARP<\/a> because it didn\u2019t include enough guarantees for taxpayers, his spokesman also said, before the actual bill was unveiled, that the government \u201cdoes need to infuse some money into some of these investment institutions to prevent a total meltdown of the financial markets and our economy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Rep. Harry Teague, D-N.M., introduced legislation today that would put an end to the financial-sector bailout approved by Congress and former President George W. Bush last year.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,1],"tags":[118,116],"class_list":["post-9864","post","type-post","status-publish","format-standard","hentry","category-news-and-analysis","category-uncategorized","tag-economy","tag-washington"],"_links":{"self":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts\/9864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/comments?post=9864"}],"version-history":[{"count":0,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts\/9864\/revisions"}],"wp:attachment":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/media?parent=9864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/categories?post=9864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/tags?post=9864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}