Politics

GOP: Releasing TARP Funds "Irresponsible"

By Michelle Levi

January 11, 2009 / 11:45 AM EST / CBS News

House Minority Leader John Boehner (R-Ohio) told CBS News' Bob Schieffer that he thinks President-elect Barack Obama is sincere in his request to work with House and Senate Republicans on economic recovery plans. However, on Face The Nation this morning, Boehner asserted that taxes will not be a part of this new economic package.

Speaker of the House Nancy Pelosi has said otherwise.

(CBS)

"Clearly the most important part is allowing American families and small business to keep more of what they earn," he said, adding that these savings would be reinvested in the economy and that no one would have to wait for a check from the government to arrive.

Pelosi has warned that she would keep the House of Representatives in session through the February recess should a conclusion not be reached in economic recovery legislation. Earlier this week, Boehner said, he thought that deadline was reasonable.

But today he admitted to Schieffer than he is not convinced a "responsible" allocation of federal money can be completed that quickly.

Boehner also said that he did not think the remaining TARP funds (approximately $350 billion) should be released. "Until there is a demonstrated need and a plan to address those needs," he said, "it would be irresponsible to release those funds."