TARP: The Taxpayer Asset Redirection Program?

WASHINGTON. D.C. – House Committee on Oversight and Government Reform Ranking Member Darrell Issa (R-CA) issued the following statement today regarding President Obama’s plan to divert TARP dollars to fund programs that are supposed to create the jobs the stimulus isn’t:

“The Obama Administration apparently thinks TARP stands for the Taxpayer Asset Redirection Program.  The use of taxpayer money for this purpose is clearly not what Congress intended.  This development confirms the fears for those of us who opposed TARP – that taxpayer money would be used as $700 billion of walking around money.  It now looks like that is exactly what the President is planning to do.”