WASHINGTON — House lawmakers Thursday charged the government with turning the cleanup of the savings and loan crisis into a new financial disaster and vowed to block funding until changes are made.
The opposition virtually ensures that the Resolution Trust Corp. will get no more cash to continue selling and liquidating insolvent thrifts before Congress returns from its spring break April 26.
"We don't feel like giving the RTC another dime until they change the way they do business. Business as usual is not acceptable," Rep. Jim Jontz (D-Ind.) said at a news conference to unveil a new bill.
House lawmakers last week soundly rejected a proposal to give the agency another $17 billion to last it through September, bringing total cleanup costs to $105 billion before interest on debt.