Thune Lost

Looks like Senator Thune Lost:

Apparently, Massachusetts voters didn’t speak loudly enough. The Senate just rejected an amendment to the debt-limit bill, offered by Sen. John Thune, that would have sewn up the TARP fund and committed all TARP repayments to deficit reduction. Democrats such as Sen. Chris Dodd argued against the Thune amendment on the grounds that they want to use the money to fund new stimulus programs, such as the “Son of Stimulus” bill the House passed late last year. The administration has also voiced desires to funnel TARP money to small businesses through the Small Business Administration, an agency with a Fannie-and-Freddie-like blindness to risk and fraud.

Fifty-three senators voted for the Thune amendment, including Democrats Russ Feingold and Jim Webb. But that wasn’t enough. Under a deal cut with Senate majority leader Harry Reid late last year, amendments to the debt-limit bill must secure 60 votes to pass. TARP’s metamorphosis into all-purpose political slush fund, which started when the previous administration used it to bail out the automakers, continues unabated. Even in the face of political disaster, the Democrats just can’t help themselves.


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