Another highlight from Congressman Barney Frank's meeting with reporters this morning: Frank said that most of the $700 billion allocated for TARP is "going to be repaid" and it's a mistake to compare the "hundreds of billions spent the TARP and the hundreds and hundreds of on Iraq, which isn’t coming back."

He added:

The war in Iraq has been enormously expensive. The Cold War weapons we are building now are enormously expensive. The biggest ongoing threat, I believe, to fiscal sanity in this country is an open-ended ever-expanding military budget.

Frank has called for a 25 percent cut in Defense spending in the past.