TARP Backers Rack Up Losses
GOPers who supported George W. Bush's urgent request for money aimed at bailing out Wall Street have a troubled asset of their own: A vote for the TARP program has proven a sure political loser in a series of GOP primaries this year.
On Tuesday, Rep. Bob Inglis (R-SC) became the third GOPer to lose his bid for re-election, falling to Spartanburg CO. Solicitor Trey Gowdy (R) by a lopsided 72%-28% margin. Inglis, a 6-term incumbent from the Spartanburg-Greenville area, has voted against his party on several occasions, and a vote against the Iraq war surge in '07 rankled his constituents. His vote for TARP legislation, though, may have killed his career.
Also Tuesday, Rep. Gresham Barrett (R), once the front-runner in the race to succeed SC Gov. Mark Sanford (R), finished way behind state Rep. Nikki Haley (R) in a runoff election. Haley beat Barrett, who voted for TARP, by a 65%-35% margin.
Inglis' and Barrett's losses come a month after Sen. Bob Bennett (R-UT) lost his chance at winning a fourth term when he finished third at his state's GOP convention. Bennett was one of 34 GOP senators to vote in favor of TARP legislation in Oct. '08 -- a vote both his opponents used to campaign against him.
Meanwhile, a new poll shows the stain of backing TARP could impact the MI GOV race as well. Rep. Pete Hoekstra (R) has been under assault from rivals for voting for the package, one of 91 House GOPers to vote that way. A survey released earlier this week shows Hoekstra in second place, trailing AG Mike Cox (R) by a 26%-24% margin. In the last poll, conducted about a month ago, Hoekstra led by a 30%-18% margin. Several other candidates split most of the remaining vote.
Other GOPers have run against TARP effectively. KY SEN candidate Rand Paul (R), for instance, ran ads warning of impending government takeovers of other industries while referencing a vote neither he nor his primary rival, Sec/State Trey Grayson (R), supported.
Not every GOPer who voted for TARP has seen their fortunes collapse. Rep. John Boozman (R) won the AR SEN primary outright, even after rivals attacked his vote. Sen. Richard Burr (R-NC) faced no significant primary opposition despite his vote, and House GOP leaders John Boehner and Eric Cantor haven't been challenged for their votes either.
But, given the series of bad breaks for those facing challenges, members who still have to get through a primary may need to find a new way to deal with their pro-TARP votes.