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Yesterday on NBC’s “Meet The Press,” Obama’s Treasury Secretary Tim Geithner repeated the administration’s claim that their so-called “fee on banks” will “cover any losses” associated with the bank bailouts. But on Friday, Sen. Max Baucus (D-MT) told Congressional Quarterly [subscription required] that this tax on Americans’ savings will be used to pay for Obama’s binge spending, in an aptly titled story, “Bank Tax Seen As Potential Cushion For Cost Of Other Bills”:

Senate Finance Committee Chairman Max Baucus is adding a $90 billion bank tax proposal to the mix of potential budgetary offsets for upcoming legislation … How the money will be used depends on whether and how quickly lawmakers can coalesce around a version of the tax that can become law. “The Senate’s hungry for offsets” Baucus said. “Whichever [bill] comes along first tends to soak it up.”

Baucus’s comments mirror that of Rep. Barney Frank (D-MA) who said back in January that Obama’s savings tax will be used to raise revenue for more spending. And with the government making a profit on the money that bailed out big banks, we all knew that the bank tax wouldn’t be used to repay TARP funds. As David Gergen put it, this is just more evidence that Obama’s rhetoric on banks “sounds contrived,” and all that the White House is interested in is more ways to tax middle-class Americans for their binge spending agenda.