http://republicanwhip.house.gov/YouCut/
I voted to eliminate the TARP Program.
Terminate the TARP Program Prohibiting Any Additional Bailouts
Save taxpayers potentially several billion dollars over the next ten years
While the Troubled Asset Relief Program (TARP) is supposed to end on October 3rd, under a provision of the recently enacted financial regulation bill it is still possible for the government to make new bailouts through any program that was already in place on June 25, 2010. This could include additional commitments to AIG and / or additional commitments to the Administration’s mortgage modification programs. 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. Acting to terminate TARP now may reduce these expenditures.
Terminate the Christopher Columbus Fellowship Foundation
Save taxpayers $10 million over ten years.
The Columbus Foundation is an agency of the government established in 1992 with an endowment funded by the sale of coins to provide fellowships “to encourage and support research, study, and labor designed to produce new discoveries in all fields of endeavor for the benefit of mankind.” The program is duplicative of other government efforts, and according to the Obama Administration, “the Foundation has not demonstrated clear outcomes from its awards and has high overhead costs.” Finally, no Administration has ever requested funding for the Foundation.
Eliminate Government Funding for Auto Research that the Private Sector is Already Doing
Save taxpayers $2 billion over ten years
The Department of Energy’s “FreedomCAR” program provides funding for research on fuel cell technology through a partnership between the federal government and private industry. While the federally funded program’s mission of putting greener cars on American highways is worthwhile, the private sector is already conducting this type of research. Cutting this duplicative program would save American taxpayers $2 billion over 10 years. (NOTE: This proposed cut was the winner of a YouCut program sponsored by Rep. John Kline (MN) in which 1,400 participants cast votes.)
Terminate Department of Agriculture High Energy Cost Grants
Save taxpayers $180 million over ten years.
The High Energy Cost program provides grants (as opposed to loans) for the purpose of improving and providing energy generation, transmission and distribution facilities serving communities with above average home energy costs. The Administration has proposed terminating this program arguing that "it is duplicative of, and less effective than, the Rural Utilities Service's (RUS) Electric Loan Program."
Reduce Funding for the Wild Horse and Burro Program to Previously Projected Levels
Save taxpayers approximately $280 million over ten years
Since 1971 the Department of Interior has managed a program to maintain and support the wild horse and burro population that roams federal lands. This program received $64 million in funding this year, an increase of 77% compared to the 2008 level. Various administrations have struggled to achieve a sustainable population of wild horse and burros. While legislative and administrative changes are necessary, reducing spending to a minimum of 2008 levels would achieve savings of $28 million this year for taxpayers.
