Campaign 2010

Sep 16, 2010

Fact Check: NRCC Ad Gets Recovery Facts Wrong

In a recent television ad, the NRCC continued to get its facts wrong about the American Recovery and Reinvestment Act.

FALSE CLAIM: The American Recovery and Reinvestment Act, “gave away millions in bonuses for Wall Street’s failure.”

FACT:   The Recovery Act did not fund any bonuses for Wall Street.

In September 2010, the Lexington Herald-Leader called “mostly false” a Republican claim that support for the stimulus meant “voted to give millions in taxpayer money to Wall Street executives.”  The Herald Leader wrote, “The stimulus bill blocked some bank executives from getting bonuses while allowing others to receive them, but it didn't fund any bonuses for bank executives.” [Lexington Herald-Leader, 9/9/10]

According to the Arizona Daily Sun, “The claim that the stimulus bill "gave Wall Street bonuses" is not accurate. At the most, said, the stimulus bill contained restrictions for corporations receiving federal bailout money that were less stringent than the ones originally proposed.” [Arizona Daily Sun, 9/15/10]

According to Politifact, “The bankers would have been allowed to hand out the bonuses even without Dodd's amendment. In fact, they would have been allowed to continue doing so in the future. Dodd’s amendment did not enable bonus-paying that would not have existed otherwise. Quite the contrary: It limited bonuses, albeit in a way that fell short of public expectations.” [Politifact, 3/20/09]