Shuster Cosponsors Legislation to End the Revolving Bailouts of the TARP Program

“TARP money has been used for its original purpose and the billions of dollars left over has become walking around money for the government, or worse, a political slush fund for the Obama Administration. It’s time to end the TARP program once and for all." -Congressman Bill Shuster

Congressman Bill Shuster has become an early cosponsor of legislation that would end the Troubled Asset Relief Program on December 31st of this year and deny any extension of the program by the Treasury Department, which still has that option unless Congress acts now.

“President Bush proposed the TARP program to help steady our banking system through a time of uncertainty and stress not seen in our economy since the Great Depression,” Shuster said. “The program was designed to be limited but like so many government programs it has begun to develop a life of its own. It is time for Congress to put TARP to rest once and for all.”

It is estimated that of the original $700 billion in the TARP account, close to $317 billion remains unobligated to financial institutions even though the banking crisis has passed. Additionally, questions have been raised over TARP payments to large banks like AIG that have gone beyond TARP’s original mandate. To end any future abuse of taxpayer money, Congressman Shuster believes the TARP program should be ended.

“The American people are tired of bailouts and seeing billions of dollars given to Wall Street banks even though the banking crisis is over,” Shuster said. “The American people want jobs and a robust economy, but that won’t happen quickly while we are burdened by a $12 trillion dollar debt.”

“The money left over in the TARP account shouldn’t be dumped into a political slush fund to pad the pockets of the friends of the Obama Administration or Wall Street executives; the money should be used to pay down our debt,” Shuster concluded.

Congressman Shuster on Speaker Pelosi's "Doc Fix"

“Doctors who treat Medicare patients must be reimbursed properly to avoid a breakdown in care,” Shuster said. “However, it’s time for the Democrats in Congress to realize that when you find yourself in a hole, stop digging. Congress is digging America a budgetary hole and we can’t afford to be buried $210 billion deeper.”

Medicare reimbursement to doctors is scheduled to fall by 21.5 percent in January and by another 2 percent every year after that under a complex formula known as the sustainable growth rate. Speaker Pelosi’s “doc fix” legislation would address the falling reimbursement rates paid to doctors for treating Medicare patients by eliminating the sustainable growth rate. The cost for this “doc fix” is $210 billion, which will not be paid for by Congress and will add to our growing deficit. In addition, because the cost of the Democrats’ “doc fix” is not offset, that $210 billion could spiral into a $1.9 trillion increase in Medicare’s unfunded liabilities over a 75 year period.

“It would be dishonest and simply irresponsible for the government to pay doctors with borrowed money,” Shuster said. “The alternative Republican ‘doc fix’ I support and voted for today is the right way to uphold our commitment to doctors, the patients they treat and the American taxpayer by not adding one dime to the deficit.”

Senate Healthcare Plan Requires a "Monthly Abortion Fee"

Republican Leader John Boehner's blog points out that the current Senate healthcare bill proposed by Senate Majority Leader Reid contains language that calls for a national monthly premium fee for abortion for those taking part in a government healthcare plan.

Leader Boehner points out that in the Senate bill:

Beginning on line 7, p. 118, section 1303 under “Voluntary Choice of Coverage of Abortion Services” the Health and Human Services Secretary is given the authority to determine when abortion is allowed under the government-run health plan. Leader Reid’s plan also requires that at least one insurance plan offered in the Exchange covers abortions (line 13, p. 120). What is even more alarming is that a monthly abortion premium will be charged of all enrollees in the government-run health plan. It’s right there beginning on line 11, page 122, section 1303, under “Actuarial Value of Optional Service Coverage.” The premium will be paid into a U.S. Treasury account – and these federal funds will be used to pay for the abortion services. Section 1303(a)(2)(C) describes the process in which the Health Benefits Commissioner is to assess the monthly premiums that will be used to pay for elective abortions under the government-run health plan and for those who are given an affordability credit to purchase insurance coverage that includes abortion through the Exchange. The Commissioner must charge at a minimum $1 per enrollee per month. This is alarming information that completely goes against the Stupak Amendment passed in the House by an overwhelmingly bipartisan vote to deny federal funding for abortions in the House healthcare bill. More to come on this soon...

Karl Rove in the WSJ: The Permanent Campaign Continues

Read it here:

"What we are seeing with the White House's timing in releasing its decision on KSM and other terrorists is a presidency clinging to campaign tactics that aim to dominate the 24-hour-news cycle. The problem is that ploys that work in a campaign don't work nearly as well when you're in charge of the executive branch. Once in office, you have to live with the consequences of a policy decision.

The debate now taking place over trying terrorists in civilian courts is showing this White House that it cannot escape the hard realities that come with making presidential decisions. Not even Friday afternoons can offer sanctuary from dangerous or ill-considered policy choices."

More Information on Recovery.gov Recovery Board Chairman Can’t Certify Any Jobs Data

Adding to the brewing controversy over the Obama Administration’s inability to accurately report the jobs “saved or created” by the stimulus on its $18 million dollar Recovery.gov website is this report from ABC News: “Recovery Board Chairman: We Can’t Certify Jobs Data at Recovery.gov.”

According to the ABC report, Earl Devaney, the chairman of the Recovery Accountability and Transparency Board, stated the following in response to a congressional inquiry on the reliability of stimulus related jobs data:”

“Your letter specifically asks if I am able to certify that the number of jobs reported as created/saved on Recovery.gov is accurate and auditable. No, I am not able to make this certification.” ABC posted Devaney’s letter on its site.

As noted in a press release sent out earlier this morning, the Recovery.gov site reports that $149,694,747 in stimulus money has been spent in the 9^th district to ‘create or save’ 239 jobs at a cost of $626,337 per job.

In addition, Recovery.gov also reports 21.5 jobs were ‘saved or created’ in Pennsylvania’s 23^rd congressional district for $1,487,259. Seven jobs were saved for $6,729,345 in district 00 and zero jobs – that’s right – zero jobs saved in the 96^th district for $1,960,179. All of these are districts that do not exist.

The inability of the Administration to certify its jobs figures, as well as the chairman of the Recovery Accountability and Transparency Board’s lack of confidence in his own website should lead everyone to question whether the 239 jobs reportedly “saved or created” by the stimulus in Pennsylvania’s 9^th district actually exist at all.

BREAKING NEWS: Pennsylvania Gains House Seats, Invisible Jobs ….According to the Brain Trust at Recovery.gov

Click the image to enlarge the PA jobs report from Recovery.gov

As news reports continue to break about the flawed job numbers coming out of President Obama’s Recovery.gov stimulus website, Congressman Shuster (PA-09) thought it would be interesting to see for himself how the government’s $18 million website is reporting the number of jobs “created or saved” in Pennsylvania from the trillion dollar stimulus. What he found was surprising and simply defies common sense:

“With national unemployment at 10.2 percent and rising, the American people and many of my own constituents are wondering where the jobs are and I don’t blame them. It’s only right for the people who paid for the trillion dollar stimulus to see what they got for their money. I went to the recovery.gov website to find out and what I found was simply amazing.

According to Recovery.gov, $149,694,747 in stimulus money has been spent in the 9^th district to ‘create or save’ 239 jobs at a cost of $626,337 per job. But that’s not all. Recovery.gov also reports 21.5 jobs were ‘saved or created’ in Pennsylvania’s 23^rd congressional district for $1,487,259. Seven jobs were saved for $6,729,345 in district 00 and zero jobs – that’s right – zero jobs saved in the 96^th district for $1,960,179. The problem is there are only 19 congressional districts in Pennsylvania.

How can we expect the administration to lead our economy into recovery when they take credit for spending $10,176,783 in congressional districts that don’t even exist?”

** At last count; there are only 19 congressional districts in Pennsylvania.

Note: According to ABC News, Recovery.gov was recently given an $18 million dollar grant. The LA Times, $9.5 million has been spent on the most recent update of the site (errors and all), with $8.5 million on the way for additional “improvements.”

Heritage Foundation: One-Fifth of U.S. Could be on Medicaid

The Heritage Foundation points out the following interesting information about the healthcare reform proposals now being pushed through Congress -

"The current health care proposals before Congress would make Medicaid available to all adults with incomes at or below 150 percent of the poverty line. That would increase Medicaid eligibility to 62.1 million, almost 21 percent of the entire U.S. population. Also, seven states and the District of Columbia would have eligibility rates of at least 25 percent."

See the map here.