Recent Press Releases

Washington, D.C. —  Senator John Thune commended Republicans in the House of Representatives for offering a motion that would have given House Members an opportunity to end the Troubled Asset Relief Program (TARP) and allow unspent funds that are paid back to lower the national debt. Democrats successfully blocked the measure to proceed to the bill by a vote of 233-195. Republicans were joined by 20 Democrats who voted to move to the measure.

"Democrats in the House today blocked an opportunity to take a step toward ending TARP as part of their efforts to increase the debt limit," said Thune. "The original purpose of TARP no longer exists and it is time to shut down this program. This was an opportunity for the House to show they are listening to the American people and they are willing to stop the spending spree. Mounting debt threatens to crush our economy, but ending TARP would be a significant step toward addressing this growing problem."

On January 28th, the Senate voted 60-39 to increase the debt ceiling by $1.9 trillion to $14.294 trillion - the largest such increase in our nation's history. When the Senate considered the increase to the debt limit, a majority of Senators supported the bipartisan Thune TARP amendment, which needed 60 votes, but was defeated by a vote of 53 to 45.

Last summer, Senator Thune also introduced the Government Ownership Exit Plan Act (S. 1242). The Government Ownership Exit Plan would end TARP authority and require the federal government to sell all the ownership interests in private companies that it has acquired through TARP.