Ed Morrissey at Hot Air reports on an exhange between Senator Judd Gregg and OMB director Peter Orszag. The video of the exchange is available at the Hot Air link above. Senator Gregg points out that the budget submitted by President Obama is unsustainable. The discussion also covered Mr. Orszag's request that the law be rewritten to allow TARP money to be used for purposes other than what the current law specifies.
Mr. Morrissey concludes:
"Gregg had good reason to add that codicil to the TARP bill. Normally skeptical members of Congress only supported TARP with the assurance that it wouldn't become an Oval Office slush fund and that receipts would go directly back to paying off debt. Congress had better recognize the danger of this path before they inadvertently fund a perpetual imperial Presidency."
To change the law as it is currently written is to ignore the purpose of the TARP law and the wishes of the American people.
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