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Vitter slams Wall Street bailout changes

03:41 PM CST on Thursday, November 13, 2008

Hasan Aquil / Eyewitness News

(AP Photo/Bill Haber)

U.S. Senator David Vitter today joined Sens. Richard Burr and Tom Coburn in a letter to Treasury Secretary Paulson expressing concern over his announcement yesterday that the Department of the Treasury will halt all plans to purchase trouble mortgage assets through the Troubled Asset Relief Program, (TARP).

“Much like other massive pieces of legislation that are passed into law under arbitrary and frenzied deadlines,” Vitter said, “we often reap what we sow after the ink has dried on the page.  I voted against the Wall Street bailout and, at the time, raised concern that this was not a solution, but just a beginning for more expansive government intrusion in the market.  We are seeing that now with the talk of yet another stimulus and this proposed auto bail out.”

In the letter, the senators added that "Congress never intended for the TARP to be a blank check that could be spent with unlimited discretion."

Paulson needs the support of Congress in order to access the remainder of the $700 billion.  Burr and Coburn voted for the bailout. Vitter opposed.