Washington, D.C. – Congressman Walter B. Jones (R-NC) joined Congressman Kevin McCarthy (R-CA) and additional House Republicans in sending a letter today to President Barack Obama to request clarification on the Administration’s plans for Troubled Asset Relief Program (TARP) repayments. The lawmakers urged that repaid funds be immediately used to pay down the more than $11.3 trillion national debt.

The letter to the President follows below:

“We were pleased to read Treasury Secretary Geithner’s announcement Tuesday that some recipients of funds from the Troubled Asset Relief Program (TARP) are being allowed to repay those funds.”

“We remain confused, however, about what the Administration will be doing with those repaid funds. On Tuesday, in remarks at the White House, you said ‘as this money is returned, we'll see our national debt lessened by $68 billion.’ However, George Madison, nominee to be counsel to the Treasury Department, said during his confirmation hearing last week that ‘when there are repayments on TARP investments, that creates more headroom under that $700 billion cap that allows for additional investments to be made.’ Additionally, the Treasury Department’s official announcement included the following unclear language: ‘Under the Emergency Economic Stabilization Act, proceeds from repayment will be applied to Treasury's general account. These repayments help to reduce Treasury's borrowing and national debt. The repayments also increase Treasury's cushion to respond to any future financial instability that might otherwise jeopardize economic recovery.’

“We look to you to provide clarity on this $68 billion question. As supporters of legislation to ensure that these TARP repayments pay down our enormous national debt and not be recycled by Treasury for other uses, we strongly urge that all such funds be immediately used to pay down the national debt and help restore lost confidence among American taxpayers.”