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H.J. Res 3, the legislation sponsored by Congresswoman Virginia Foxx (NC-05) that would remove Congressional approval for the second $350 billion of the $700 billion TARP bailout, passed the House of Representatives on January 22.

The bipartisan legislation (H.J. Res. 3) passed the House by a vote of 270-155.  The legislation is designed to take advantage of a provision in the 2008 bailout law that allows Congress to “disapprove” of the second half of the bailout.

“Since October when Congress granted the previous Administration unfettered access to a taxpayer-funded blank check, we have seen a steady stream of reports outlining the mismanagement, waste, and lack of oversight that was all too predictable during initial consideration of the TARP Megabank bailout,” Foxx said during debate on the legislation  Click here to watch Foxx’s speech on the House floor.

If taken up and passed by the U.S. Senate, H.J. Res. 3 would bring the TARP bailout to an end.  According to the 2008 bailout law, Congress has the power to withhold the second half of the bailout—$350 billion—when the President requests the money.  Foxx’s legislation does just that.  

Obama's budget: lots of new debt

$3,000,000,000,000 in new debt in next five years.

President Obama has release his budget for fiscal year 2010.  In addition to projecting $3,000,000,000,000 in new debt over the next five years, it proposed the so-called cap and trade system, which will cost taxpayers $646 billion.   Click here to learn more about this free-spending budget proposal.

 
Countdown to the DTV Transition

    Are you ready for the DTV transition? click here