My Heritage colleagues have already noted that the auto bail-out violates the terms of the TARP legislation by extending funding beyond “financial institutions.” It also appears the latest funding pledge to bail-out auto makers may have violated another Federal law, one normally taken quite seriously: the Anti-Deficiency Act. When Congress approved TARP it approved up to $350 billion, with more funds available only after a certification by the President and a 15 day Congressional review. The president has not made a certification, Congress has not reviewed it. With the auto …
