Reflecting the wishes of the American people and A Pledge to America, U.S. Rep. Blaine Luetkemeyer (MO-9) today voted to support a proposal to terminate the Troubled Asset Relief Program (TARP) prohibiting any additional bailouts, potentially saving taxpayers several billion dollars over the next ten years. The measure was the result of Americans speaking out to Congress through the YouCut website as well as the recently released A Pledge to America.

“American taxpayers have been demanding that the bailouts stop because during these difficult times, people don’t need the government reaching further into their pockets,” Luetkemeyer said. “I continue to be impressed that the YouCut website continues to be flooded with suggestions, and I am also pleased that less than a week later we are already honoring our Pledge to America.”  

Under the new financial regulation law that Luetkemeyer opposed it is still possible for the government to make new bailouts through any program that was already in place on June 25, 2010.In August it was estimated that spending from TARP will range between $4 billion and $7 billion a year between 2011 and 2014, mainly for the administration’s mortgage programs. Luetkemeyer has been a consistent critic of TARP and government bailouts, and this week’s YouCut proposal seeks to end TARP and stop the taxpayer bailouts.

On the YouCut website each week, Americans have the opportunity to vote on a spending cut, and shortly after all the ideas are processed, Luetkemeyer and his colleagues seek a vote on the most popular spending cut. Luetkemeyer is encouraging folks to visit http://republicanwhip.house.gov/YouCut/and help Washington control government spending.

Ending TARP is part of A Pledge to America that was recently released and focuses on the top priorities of the American people by reflecting the principles of a smaller, more accountable government; economic freedom; lower taxes; fiscal responsibility; protecting life, American values, and the Constitution; and providing for a strong national defense. The full agenda, A Pledge to America, can be viewed here http://pledge.gop.gov/.     

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