An e-mail from Sen. Michael Bennett (CO) regarding something called the "Pay it Back Act"

[rockymountaindem]

"I just got back from the Senate floor, and I'm writing to share some great news with you.

My "Pay it Back" amendment to the Wall Street reform bill just passed.

The Pay it Back Act will make sure money that is repaid from the bank, housing, and auto bailouts is used to pay down the national debt. Bailout funds shouldn't be used as an excuse for ongoing spending -- and banks should operate responsibly knowing government help isn't waiting around the corner.

Passing this amendment is a critical win for anyone who is concerned with making sure we don't pass on insurmountable debt and deficits to the next generation. This is also a win for every American who thinks Washington should be able to follow a budget like the rest of us.

Passing this bill is a big step forward, but now I need your help to show that we have the grassroots support we need to push through the important Wall Street and Washington reforms we need in the next few weeks."

...I hadn't heard about this before but it sounds like a good idea and a success for us which I thought I would share.

[KonaKane]

1. I'm against this, and here is why.

I dont like the idea of earmarking something that huge, in the face of the possible needs of this nation in the future. What if a horrible disease surfaces and we need to muster billions, if not trillions, to fight it and keep the populace safe from it - and the money that could save lives instead is going to pay down the debt because the law mandated it?

Sorry, it doesnt sound like Sen. Bennett thought this one through.

[rockymountaindem]

3. In extremis I would imagine that we could change the law

However considering that we are not facing a massive emergency of that type, and that no further stimulus spending seems to be on the horizon, that seems like a decent use of the money to me.

[DJ13]

2. He is just trying to eliminate any possibility that funds paid back

can be used on further stimulus plans (that might actually go towards job creation, or, God forbid, actually helping the average person for a change).

[Hawkeye-X]

4. Still he's on the outs

Andrew Romanoff is leading the rounds and looks to take over Salazar's seat, not Bennet.