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

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.

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