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Tipsheet

Sanford Doesn't Want TARP Funds Released

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South Carolina Governor Mark Sanford wants the President to reconsider sending the Big Three any TARP money

Republican Governor Mark Sanford of South Carolina is asking President Bush not to release money authorized for the financial bailout to Detroit automakers.

"I believe this would be a very great mistake," Sanford said in a letter written to the President on Monday. "It would open the floodgates of federal monies for every distressed industry across this country--and there will be many in this economic slowdown."

"I believe we are at a tipping point in moving from a market-based economy to a politically-based economy, wherein one's success can be determined not by good decisions and good work, but by the size of one's voice and connection to Washington," Sanford wrote. "The real economic stimulus of this country lies in the daily work and effort of millions you have seen across this land.  These bailouts not only represent an enormous cost they are left to carry, but a shattering of the rights and responsibilities that have historically been linked to achieving the American Dream."

Sanford is currently chairman of the Republican Governor's Association.

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