GOP to vote against bailout funds

From Kara Rowland at The Washington Times:

House Republicans are planning to vote against President Bush’s request to release the second $350 billion under the Troubled Asset Relief Program, Minority Leader John Boehner said Wednesday morning.

Mr. Bush, at the urging of President-elect Obama, earlier this week asked Congress for the additional chunk of TARP funds so that Mr. Obama would have them on hand by the time he takes office next week. But Republican leaders say that would be irresponsible when it is still unclear how the first half of the money has been spent.

“Until I know how we spent it, why we spent it and where it is, and how it’s going to be paid back, it would be irresponsible for me to vote for the next $350 billion,” Mr. Boehner, Ohio Republican, said after a closed-door meeting with House Republicans. Mr. Boehner voted in favor of the $700 billion financial bailout and said he would do it again, but called Mr. Obama’s request “premature.”

“We don’t know what the demonstrated need is for the next $350 [billion], nor do we know what their plan is for using it. And so I do think this request is premature, and I and most of my colleagues on the Republican side will oppose it,” he said.   [Read More]