Senate Democrats want some $40 billion spent on small business loans, said Politico.com.

House Democrats, meanwhile, want to see the additional TARP money spent on various economic projects, such as job creation and homeowner loan programs, to hasten a recovery from the recession.

The Treasury Department wants to use the money to pay down the deficit and create an emergency reserve. Senate Republicans want the money returned to taxpayers.

Treasury Secretary Timothy Geithner told members of the Joint Economic Committee said the administration is eager to end the TARP program but said the country is still facing huge economic problems. “We are working to put TARP out of its misery, and no one will be happier than I am to see that program terminated,” Geithner said.

Alaska Sen. Mark Begich, one of more than two dozen Senate Democrats who support directing some TARP dollars toward loans for small businesses, said his constituents “saw the big banks walk away with these bailouts and then at the same time ended up with huge salaries,” while small businesses received virtually nothing.