My sources in the Senate indicate that later this morning Senator David Vitter (R-LA) is going to be teaming up with Senators Jim DeMint (R-SC), Jim Inhofe (R-OK), Jim Bunning (R-KY), Jeff Sessions (R-AL), and John Barrasso (R-WY) to introduce a resolution of disapproval for the release of the second $350 billion of the so called Troubled Assets Relief Program (TARP). President Bush has indicated that he will notify Congress at the request of President-elect Obama. The resolution is privileged and a vote may come as early as Friday.
From Senator Vitter: “Considering the harsh criticism that has accompanied the management of the first half of the $700 billion released by the government, I believe that the release of the other half would be grossly irresponsible. The safeguards that Congress has put in place to prevent the misuse of this money amount to little more than window dressing. I continue to oppose these bailouts, and I believe that responsible action demands some form of oversight.
“Although President Bush has to officially request that Congress release this money, congressional is not required to release the remainder of these funds. But this process does allow Congress to pass a disapproval resolution to prevent the release of these funds, and I plan on leading an effort that would do just that. Before we write another $350 billion check, we must ensure that the money will be used effectively. We cannot afford – and our kids and grandkids cannot afford – to make any more mistakes,” said Vitter.
The President Bush yesterday said that he “chucked aside my free market principles” when he was told that measures need to be taken to “thaw the credit market.” This tossing aside the free market lead to the creation of the $700 billion TARP program. Conservatives hope that Republicans in the Senate never again chuck aside free market principles to further nationalize private enterprise.