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Connolly: Apply extra TARP funds to deficit

Amy Gardner

U.S. Rep. Gerald E. Connolly (D-Va.) sent a letter to House Speaker Nancy Pelosi today signed by 13 other freshman Democrats urging the use of a "substantial portion" of unspent or repaid Troubled Asset Relief Program funds to reduce the federal deficit.

Connolly noted that some members of Congress have proposed ways to spend unused TARP funds, including job creation. "These are worthwhile projects," Connolly said, "but the first priority should be deficit reduction."

U.S. Treasury officials estimate that between $210 billion and $260 billion in TARP funds could be available in the next 12 to 18 months. President Obama has said he hopes a portion of the money can go toward deficit reduction.

Signing Connolly's letter were: John Adler (N.J.); Bobby Bright (Ala.); Eric Massa (N.Y.); Steve Dreihaus (Ohio); Walt Minnick (Idaho); Parker Griffith (Ala.); Scott Murphy (N.Y.); Martin Heinrich (N.M.); Chellie Pingree (Maine); Jim Hines (Conn.); Jared Polis (Colo.); Larry Kissell (N.C.); and Kurt Schrader (Ore.).

By Amy Gardner  |  December 8, 2009; 6:25 PM ET
Categories:  2010 Virginia Congressional Races , Amy Gardner , Election 2010 , Gerald E. Connolly  
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