Bond Drops The Hammer

BAILOUT MOMENTUM BUILDING?

"My bipartisan proposal is the only plan that has a chance to be signed into law by the end of this year," Sen. Kit Bond is quoted in Forbes Thursday. "So if the Democratic leaders are serious about protecting millions of auto-dependent jobs before the end of the year, they will embrace this approach."

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Sen. Bond also issued a statement criticizing the Bush Administration for their handling of the rescue plant.

"Before Treasury asks Congress for more money, they must account for the $350 billion they have already been provided, make the case this action has aided our economic recovery efforts, and answer the serious questions raised by this report. Taxpayers were promised transparency and deserve answers," said Bond in a statement.

Bond said a review by Congressional auditors at the Government Accountability Office found a number of management and oversight deficiencies that raises serious questions about the Treasury Department's Troubled Asset Relief Program. He pointed to the Treasury Department's inadequate staffing, failure to establish a mechanism to track the billions in taxpayer funds provided to the banks, and failure to establish a system on how it would monitor compliance with executive compensation limitations required by the legislation.

"In other words, the Treasury is unable to tell taxpayers how their funds are being spent and whether the money is being spent in a responsible and effective manner," Sen. Bond's statement read.

Humbled U.S. automakers are pleading for an expanded $34 billion rescue package on Capitol Hill today.

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ALSO: Sen. Claire McCaskill announced Thursday that the hold placed by an anonymous senator on the nomination of Neil Barofsky to be the top watchdog for the $700 billion rescue plan appears to have been lifted. In a letter to their colleagues released Thursday, Schumer and McCaskill urged that the nomination proceed to a Senate vote next week and said it should not be slowed by any further objections.

"For those concerned about whether taxpayer dollars are being well spent, putting an independent watchdog in place is an important part of the solution," the senators wrote. "Holding up this nomination will not solve any problems and will certainly create new ones. Confirming Neil Barofsky is essential, time is short, and the stakes are high. We therefore ask your help in moving this nomination by unanimous consent next week."