GOP Senators Not Pleased With Bailout

For three weeks during the fall, Congress intensely debated a White House proposal to spend $700 billion of taxpayer -- or, more accurately, future taxpayer -- funds to purchase toxic mortgage-backed secutiries it said were bringing down the financial system.

Congress, under the threat of a financial meltdown, finally agreed. Now that the White House has decided to spend the money on other things, three GOP senators are expressing their "deep concern."

In a letter to Treasury Secretary Henry Paulson, Sens. Tom Coburn (Okla.), Richard Burr (N.C.) and David Vitter (La.) throw Paulson's own words back at him, quoting him as testifying that "[t]his troubled asset purchase program on its own is the single most effective thing we can do to help homeowners, the American people and stimulate our economy. "

They add that "Congress never intended for the TARP to be a blank check that could be spent with unlimited discretion." Paulson needs the support of Congress in order to access the remainder of the $700 billion. 

Burr and Coburn voted for the bailout. Vitter opposed.

The letter after the jump....
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