Where I Work, We Call This the Director's Discretionary Fund

Wed, 09 Dec 2009 01:51:12 +0000

Bruce and Pete have already noted that Treasury Secretary Geithner is going to request an extension of the time during which he can treat the TARP as his walking-around money.  Washington appears to hate nothing so much as a surplus.  The right thing to do is to defund TARP, given that its stated purpose has expired, and then do appropriations through conventional processes.  Anything that makes it easier for Congress to appropriate funds without having to confront their cost in a straightforward way is well on its way to being a bad idea.   For a very good discussion, see these two posts by Donald Marron.