---

The White House's Illegal Piggy Bank
TARP: The OMB director is grilled over the misuse of bank bailout funds for purposes other than intended by Congress. This taxpayer money wasn't intended to be the administration's perpetual slush fund.

When the specifically targeted and named Troubled Asset Relief Program was enacted, we were told it was a necessary and wise investment. It would stabilize the financial system and keep credit and money moving. We would even get our money back and then some.

Many banks didn't want the money or need it. Some were told to take it or they'd be audited. So they took it. The banks, eager to break free from federal interference, paid the money back with some interest. The money was intended to be returned to the Treasury for deficit reduction. But an administration that touts a token discretionary spending freeze has no such intention.

This is more than government failing to keep a promise. This is a patently unconstitutional act, as Republican Sen. Judd Gregg of New Hampshire tried to point out to Office of Management and Budget Director Peter Orszag on Monday over administration plans to transfer bailout funds to a new small-business loan program....