Inhofe Angered by President’s Decision to Spend Second $350B Bailout Installment

WASHINGTON, DC – U.S. Senator Jim Inhofe (R-OK) today took to the Senate Floor and expressed deep disappointment and anger over the President’s intention to request the second $350 billion installment of the $700 billion Wall Street bailout. The following are excerpts of Senator Inhofe’s Floor Speech:

“It’s been reported that the administration is set to request the second $350 billion sometime this week. If you were a reasonable person and were to assume that a major event in the financial world has prompted the negotiations the led to the decision on releasing the second $350 billion, you would be wrong. The true reason Congress may be asked to release the second $350 billion is politics. This program is so unpopular among members of both parties and among the public that we’re witnessing folks play a game of political hot potato with the TARP. Again, no event in the financial world has prompted this request for $350 billion.

“Furthermore, is the United States Congress as an institution prepared to say “yes” to $350 billion in deficit spending simply because we receive a “letter of assurances?” A bunch of promises on paper is not sufficient justification for this institution to let go of the purse strings on $350 billion in taxpayer money. Congress needs to put itself back in the process when we’re talking about this kind of money. That’s why I introduced my legislation, S.64, with a bipartisan group of Senators, which says that the executive branch can only have access to the remaining $350 billion if Congress approves the submitted plan for spending the money in an affirmative vote, as opposed to simply a disapproval resolution. Congress must not again duck its responsibility to have a say in spending unprecedented amounts of money

“Finally, as a fiscal Conservative, the thing that really concerns me about the $700 billion bailout is that it permanently changed the perception about what is “big” in big government from now on. What’s another $50 billion here, or $100 billion there, after we give $700 billion to banks? What’s the big deal with $1 trillion dollar deficits, or $800 billion stimulus packages, or multibillion healthcare proposals, or whatever plan is dreamed up around here to spend the taxpayers’ money once we gave $700 billion to an unelected bureaucrat with no oversight? We have completely lost our perspective.

“We simply cannot fast track a vote on the remaining $350 billion in this package. Congress must actively debate sending any further funding under the original $700 billion authorization and exercise its institutional, and most importantly, its constitutional role to consider this program and have another vote. My legislation, S. 64, would require another vote before any of the remaining $350 billion is available. I think that is the only responsible action.”

Click here to read Senator Inhofe’s Full Remarks as Prepared for Delivery

Hat-Tip, Michelle Malkin