The U.S. Senate has defeated an amendment by South Dakota Sen. John Thune to end the Troubled Asset Relief Program, which bailed out banks, automakers and other financial firms, and require that paid-back funds be used to retire debt.
With 60 votes needed for passage, only 53 voted Thursday in favor of the bill, while 45 voted against it.
Thune's measure was an amendment to a bill that would raise the debt ceiling to $14.3 trillion. It would have prohibited the Treasury Department from making any further commitments of funds to the bank and Wall Street bailout.
The Republican senator says Congress needs to start taking on the issue of spending and debt, and ending TARP would be a significant step forward. He says the Senate "missed a golden opportunity."
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