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Thune: No bailout funds for jobs bill

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Published: Jan. 31, 2010 at 12:52 PM

WASHINGTON, Jan. 31 (UPI) -- U.S. Senate Republicans would oppose a jobs creation bill if it taps unspent bank bailout and stimulus funds, Sen. John Thune, R-S.D., said Sunday.

Speaking Sunday on CBS' "Face the Nation," Thune criticized the proposed funding mechanisms for President Barack Obama's proposed jobs creation bill, saying unspent bank bailout and economic stimulus funds should instead be used for tax relief.

Thune indicated the GOP could support Obama's proposed jobs bill if such funds were put "towards small business tax relief," but added Republicans couldn't back an administration proposal to take money from the $700 billion Troubled Asset Relief Program and channel it to community banks that lend to small businesses.

"I think it will be hard to get Republican support for some of those initiatives if they propose using the TARP fund to pay for it," he said. "That is not what TARP was intended to do. And that is what we understand to be their proposal."

Democratic Pennsylvania Gov. Ed Rendell, appearing on the same show, responded, "See, John, I think that's the weakness of your position. Everyone is for a jobs bill but nobody wants to pay for it."

Topics: Barack Obama, John Thune
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