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D.C. Dispatches by Derek Wallbank

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    Minnesota's House Republicans try again to end Wall Street bailout

    By Derek Wallbank | Published Thu, Nov 19 2009 10:17 am

    WASHINGTON, D.C. — Minnesota House Republicans are back with a second plan to sunset the Wall Street bailout, despite a proposal to do just having failed in committee earlier this week.

    Rep. Erik Paulsen introduced a stand-alone bill Wednesday to end the $700 billion Troubled Asset Relief Program and use remaining $200 billion that hasn't been allocated yet to pay down the deficit. Paulsen had introduced the original amendment, which was rebuffed Tuesday in the Financial Services Committee by a 30-37 vote.

    The TARP program is set to expire Dec. 31 unless the Obama administration extends it, in which case it would run through October, 2010. The White House isn't expected to do that, but Paulsen and his Republican allies aren't taking any chances.

    "The possibility of TARP being extended well into next year should be a non-starter,” Paulsen said.

    All three Minnesota House Republicans back the measure — Reps. Michele Bachmann and John Kline signed on as original cosponsors. A similar piece of legislation has been introduced in the Senate by South Dakota Republican John Thune.

    Paulsen's bill can be read here.

    Washington Bureau | Thu, Nov 19 2009 10:17 am | Comment

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    minnpost.com/derekwallbank


    Derek Wallbank is MinnPost's Washington, D.C., correspondent, covering Minnesota's congressional delegation and reporting on developments out of Washington that are important to Minnesota readers. After graduating from Michigan State University, he covered Michigan politics for the Gongwer News Service, a publication aimed at political insiders. Later he became a reporter for the Lansing State Journal, writing about education and politics and founding the Journal's respected politics blog. Most recently he was a researcher and reporter with Congressional Quarterly in Washington, D.C. He can be reached at dwallbank[at]minnpost[dot]com.

    More dispatches by Derek Wallbank