House Minority John Boehner (R-Ohio) will move Friday to force a vote on ending the $700 billion bailout program.
Boehner will offer a motion to recommit Democrats' financial regulation bill tomorrow that would amend the package to end the Troubled Asset Relief Program (TARP), as well as require leftover funds from the program go for deficit reduction.
The maneuver comes as Democrats mull using some of the leftover bailout money to fund a new spending initiative aimed at boosting job creation in the U.S. Republicans have blasted that plan, and pointed to the fact that the current TARP law requires unused or returned funds from the program to go to deficit reduction.
"Given an opportunity to shut down the TARP bailout fund, the Obama administration has instead chosen to extend it in part so that it can be ‘recycled’ for more of the same ‘stimulus’ spending that isn’t working," Boehner said in a statement.
"Republicans understand that the American people want an economy built on sound fiscal policy, not massive debt and permanent bailouts. It’s time to shut down TARP," the GOP leader added. "This common-sense Republican proposal takes an important step towards getting government out of the bailout business and stopping wasteful Washington spending.”
The move by Boehner sets up an interesting vote in the House tomorrow, threatening to test again the fragile coalition of Democrats and Republicans who approved TARP in a close vote last fall after having initially defeated it.