Speaking on the floor of the House of Representatives yesterday, Rep. Paul Broun (R-GA) strained to try to explain the deficit, correctly noting that most of it came from reckless spending during the Bush administration era. Exhibiting his partisan colors, Broun tried to reconcile Bush’s Troubled Asset Relief Program by falsely claiming that Bush administration Treasury Secretary was a “Democrat”:
BROUN: I wanted to put some perspective on 2008, too. That’s when the President’s chief economic adviser — I guess the Treasury Secretary — told him that the sky was falling and that we needed to pass the Toxic Asset Relief Program, or TARP, which many Republicans voted against. I didn’t buy the Democratic Treasury Secretary under a Republican President because that’s exactly what Hank Paulson is. He’s a Wall Street insider, a Wall Street banker. Wall Street believes in big government.
Paulson is a Republican, and was still a Republican when TARP was passed. Broun’s fib is the latest in a long line of conservatives desperately flailing to make up excuses for the Republican-led bank bailout. Glenn Beck, who supported the bank bailout when it was passed, now says he “hated” Bush for enacting the bailout. Sen. John McCain (R-AZ), who suspended his campaign to go to Washington and negotiate the bailout, says he was misled in voting for it, claiming now that he did not know that it was intended to help financial institutions.