Michele Bachmann: “At the very least shouldn't we wait to see how the current $300 billion, yes, billion, should be spent. It's as if the…”

“At the very least shouldn't we wait to see how the current $300 billion, yes, billion, should be spent. It's as if the Democrats are predicting that their own program will face a shortfall due to re-defaults or some other course of events. At the very least, this is a self-fulfilling prophecy. With an unlimited supply of funds on which to draw, there will be no incentive to improve and HOPE for Homeowners will continue to bleed taxpayers dry without any benefit to the homeowners it is meant to help. U.S. Secretary of Housing and Urban Development Steve Preston recently stated that the HOPE for Homeowners program has been a failure, in part, because 'Congress dotted the i's and crossed the t's for [HUD], and unfortunately it has made this program tough to use.' Yet here we are again watching Democrats legislate their way to the impossible--only this time they have rejected even the appearance of protecting taxpayers. I urge my colleagues to support my amendment and restore what little taxpayer protection was in place in the HOPE for Homeowners program.”