The U.S. government's $700 billion Wall Street rescue fund is a popular target for House lawmakers taking up legislation overhauling regulation of the financial markets this week.

A number of amendments filed Monday would make major changes to the program, including immediately ending it at the end of this month and allowing the government to charge financial firms to cover any shortfall on taxpayer dollars.

The amendments, submitted to the House Committee on Rules, will not necessarily receive a vote when the House of Representatives takes up regulatory reform legislation later this week. But they do highlight the growing tension surrounding the Troubled Asset Relief Program.

The Treasury Department has been wrestling for months with what to do with the money remaining in the program. Treasury Secretary Timothy Geithner has said he wants to put parts of the program "out of its misery" and the Obama administration is considering using some of the leftover funds to reduce the deficit and fund legislation creating jobs.

"That's a particular area where we might be able to make a difference," President Barack Obama said Monday, expressing optimism about helping small and large businesses deal with ongoing problems with credit markets.

Some of the amendments proposed by lawmakers could curtail such plans. Rep. Michael Burgess (R, Texas) submitted an amendment that would end the TARP at the end of this year. Current law allows the Treasury to extend the program into next year if Geithner deems it necessary, though GOP lawmakers have been pressing the White House to let the program end as scheduled on Dec. 31.

Another amendment, offered by Rep. Lynn Jenkins (R, Ks.), would effectively serve as the anti-TARP. The measure would prevent any of the government financial regulators envisioned under a new regulatory regime from making loans, purchasing the assets from, or guaranteeing the obligations of individual companies.

Not all amendments sought to put the brakes on the $700 billion program. Language included in a manager's amendment of Rep. Barney Frank (D, Mass.) would divert $4 billion from the TARP towards foreclosure prevention and the redevelopment of foreclosed and abandoned homes.

Another measure, offered by Rep. Gary Peters (D, Mich.), would put the onus on the financial services industry to pay for any lost taxpayer dollars from the investments in Wall Street. The amendment would allow regulators to levy an assessment on firms for any shortfall to prevent an increase in the deficit or national debt.

The Treasury in recent days refined its estimate of the projected long-term cost of the TARP by more than $200 billion, lowering the 10-year projection to $ 141 billion at most. That's significantly less than the $341 billion the White House projected in August.


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