During questioning last week on Capital Hill, Office of Management and Budget (OMB) Director Peter Orszag admitted the Obama administration intends to break the law and use TARP funds for whatever they desire.
Passed by Congress in 2008 using scare tactics, the $700 billion TARP bailout specifically designated that all monies recouped must be used to pay down the national debt. But President Obama has included the expenditure of TARP funds in his 2011 budget despite its illegality.
It appears the $787 Billion Stimulus package wasn’t a large enough slushfund for the Democrats. They’ve found a golden TARP piggy bank to siphon off monies to purchase votes for the upcoming election.
The law is not just for the little people, Mr. President.