US Senate Votes Down Measure Seeking To End TARP ''
Source: NASDAQ
WASHINGTON -(Dow Jones)- The U.S. Senate narrowly voted to defeat a proposal to immediately end the Treasury's financial market rescue plan as several moderate Democrats sided with the Republican minority in favor of the measure.
The proposal would have sought to wind down the Troubled Asset Relief Program, and require the Treasury to use any unspent funds to pay down the burgeoning federal government budget deficit.
The Senate vote was 53-45, a majority in favor of ending the TARP, but short of the 60 votes required to carry the vote.Democratic leadership opposed the amendment because they felt it would have handcuffed Treasury Secretary Timothy Geithner in his efforts to ensure the stability of the financial markets.
