Sen. Gregg hammers Orszag on unspent bailout funds
Sen. Judd Gregg (R-N.H.) really laid the wood to White House budget director Peter Orszag in a Hill hearing this morning over what to do with the remainder of the original bailout, or the $700 billion TARP.
Orszag, who, as you may recall, has been in the news lately, was making the argument that $30 billion worth of the unspent TARP funds should be used to help out small businesses.
That really set off Gregg, who withdrew a nomination from the Obama White House to be commerce secretary.
"No, no, no, you cannot make that kind of statement with any legitimacy," Gregg responded, his voice rising, Reuters reports. "You don't appear to understand the law."
Orszag tried to respond, beginning, "Okay ..."
But Gregg would not hear it. He began reading from the TARP authorization law saying that unspent TARP funds must be used to pay down the national debt.
"You're adding to the debt that our kids our going to have to pay back," Gregg said.
Gregg told Orszag that he cannot use the unspent TARP funds to score political points in "Nashua, N.H.," where the president is speaking at this moment.
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February 2, 2010; 2:16 PM ET
Categories: The Ticker | Tags: Judd Gregg, Obama, Peter Orszag, TARP, bailout
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