Extending unpopular TARP considered

For many, the massive Troubled Asset Relieve Program played out like a get-out-of-jail-free card given to Wall Street despite the role big banks played in the financial meltdown that led to a near-global recession. As such, some administration officials are pushing for $200 billion in TARP funding to pay off a portion of the nation's $12 trillion debt, The Washington Post reported Thursday.

By paying off some debt, officials hope the political fervor over an extension of the unpopular program might be softened, the Post said.

Others said TARP funds could be used to save or create jobs.

"We want to look at how Wall Street can refund Main Street," Rep. John Larson, D-Conn., said.

Currently, the TARP account holds $139 billion that has not been loaned out. Banks have returned an additional $71 billion. In addition, the Treasury has earned $10 billion from fees, dividends and interest payments with the program.

The treasury secretary needs only to notify Congress that an extension is needed to keep the fund going until next October.

Copyright 2009 by United Press International.