Republicans responded negatively to President Barack Obama's Brookings Institution speech Tuesday in which he announced his plan to spend available bank bailout money on measures to create jobs.
House Minority Leader John Boehner charged that Obama was "out of ideas and out of touch" and said Obama "has chosen to double down on more of the same 'stimulus' spending that just isn't working."
"The President also refused to put a price tag on these new 'stimulus' initiatives, instead proposing to turn TARP into a slush fund for politicians and continue Washington Democrats' unprecedented deficit spending binge. Remaining TARP funds should be used for deficit reduction, not more of the same 'stimulus' spending.
Senate Minority Leader Mitch McConnell (R-Ky.) said:
"We're now hearing talk that the administration is thinking of using the bank bailout TARP money that taxpayers reluctantly handed over during last year's credit crisis on another spending spree like the stimulus, which they said would stop unemployment at eight percent but hasn't. $1 trillion dollars later, unemployment's now at 10 percent.
"This is not only irresponsible, since the purpose of these emergency funds was to prop up the credit system in the midst of a crisis. It also violates both current law and the pledge we made that every dollar we got back would be returned to the taxpayer to reduce the national debt.