White House Slashes TARP Budget to Boost Jobs
The Obama Administration is expected to remove $200 billion from the Troubled Asset Relief Program, or TARP, in order to further stimulate job growth, according to CNN.
The proposal, expected to be announced by the White House Tuesday, will trim TARP’s remaining budget to $141 billion and will signify the beginning of a massive federal jobs program. Bridge and road repair, home weatherization, small business incentives and unemployment benefits could all receive a boost from the new jobs spending influx.
However, many lawmakers are displeased by the proposed plan, saying that although TARP funds should be decreased, the money should go to lowering the federal deficit, not more spending.
“I think that we ought to cut spending, first and foremost,” House Minority Leader John Boehner, R-Ohio, said following a House Republican meeting on job creation Friday. Obama held a similar jobs-centered summit on Thursday.
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