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Wilson Introduces Bill to Bring Down Debt

April 24, 2009
Press Release

FOR IMMEDIATE RELEASE
April 24, 2009

Congressman Joe Wilson (SC-02) issued the following statement today after introducing H.R. 2063, a bill to require the Department of Treasury to use any money repaid under the Troubled Asset Relief Program (TARP) to pay down the national debt.

“The American people are fed up with the massive borrowing and spending we’ve seen from this Administration and their Democrat allies in Congress. It is imperative we restore some fiscal sanity in Washington, and this bill is an important part of that effort. Money that has been borrowed and loaned to help stabilize the financial industry should, when repaid to the Treasury, go straight to paying down the debt. It should not be left to the imagination of Washington bureaucrats or Congress to spend on pet projects or more bailouts.”

Background on H.R. 2063:

  • Repaid Troubled Asset Relief Program funds will be used to pay down the public debt
  • Each time a financial institution makes a repayment of assistance provided under the Troubled Asset Relief Program, the amount of purchase authority provided under TARP shall be reduced by a corresponding amount.

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