KOTA Territory NewsThune bill aims to sunset stimulus package

Thune bill aims to sunset stimulus package

A South Dakota lawmaker and President Barack Obama share concerns that spending too much federal money could further damage the economy.

U.S. Senator John Thune has introduced a bill to sunset the Troubled Assets Relief Program (TARP), commonly referred to as the federal stimulus package.  That would mean stimulus beneficiaries like schools and construction projects couldn't expect new funds next year.

TARP is set to expire on December 31, 2009, but a provision in the bill allows for the Treasury Secretary Timothy Geithner to extend the program until October 2010 without congressional consent. 

Thune believes by removing that provision, the Federal Government can curb spending.

“I'm really concerned right now, more than anything else, about the deficit, about the debt, paying down the debt,” Senator Thune said.  “Rather than using the TARP program as a political slush fund to take whatever proceeds are left, or whatever unspent funds are left in that program, and apply them to the federal debt.”

On Wednesday in China, President Obama said spending too much money to help revive the economy could undermine economic recovery and throw the economy back into a recession.