Obama weighing risks of TARP extension

The Obama administration may soon announce an extension program for the Troubled Assets Relief Program, according to government sources, and is hoping to garner support for the controversial program by using leftover funds from the last bailout to pay down the national debt, the Washington Post reported. No concrete decision has been made regarding the extension, sources said, as the administration weighs the risks of prolonging the program. One key problem could be stopping lawmakers from tapping the leftover funds — which would be earmarked for debt reduction under the extension plan — for infrastructure and other projects. With national unemployment at its highest level in 26 years, many members of congress are looking for ways to use unspent bailout money for programs to aid the job market, according to Rep. John Larson. “We want to look at how Wall Street can refund Main Street,” Larson said.