One part of the legislation would authorize approximately $110 billion in emergency spending to extend unemployment insurance, fund food stamp increases and subsidize private health insurance for the unemployed.

A second “jobs” bill would cost up to $70 billion and be funded by the bank bailout, said the Wall Street Journal. That plan would funnel more money to municipal projects like highway and bridge building and school construction and repair. Other money would be given as direct aid to state governments that have been forced to cut services and raise taxes to balance state budgets.

And some repaid bailout funds would be lent to small businesses directly from the Treasury, said the Wall Street Journal.

Republicans oppose using the returned TARP money for a jobs bill. Instead, they want to the money to be used to reduce the federal budget deficit.

Ten big banks say they have raised enough money to pay back those government loans. JP Morgan Chase repaid $25 billion, with interest, while Morgan Stanley and Goldman Sachs announced they had each returned $10 billion to the government, said the New York Times.

American Express, Bank of New York Mellon, Capital One Financial, State Street, Northern Trust, BB&T and U.S. Bancorp also raised enough money to repay their loans and exit the government rescue program.

Now that the worst of the economic crisis has passed, banks want to be free of government control and the regulations that come with it.

In order to exit the program, banks needed to prove they had enough capital to withstand a deep recession while continuing to foster lending, sell long-term debt and meet their funding obligations, said the Associated Press.