The following editorial appeared in Sunday's Washington Post: When Congress created the Troubled Assets Relief Program just over a year ago, no one could be quite sure whether the $700 billion fund, gigantic as it was, could fill the massive capital hole at the center of America's financial system. Now, we seem to have the answer: TARP was big enough, and then some. The Treasury Department has committed, or plans to commit, some $560 billion -- including Treasury Secretary Timothy F. Geithner's recent promises to help community banks lend to small business. But Treasury doesn't have any specific ideas for the rest, for the simple reason that there appear to be no other pressing bailout needs. Meanwhile, banks have paid the government about $80 billion in interest and principal. So, between leftover funds and money that's come back in, there could be about $220 billion in the kitty. What should the Obama administration do with it? One option would be for Mr. Geithner to exercise his option to shut down the much-derided program on Dec. 31. Congressional Republicans are urging him to do so. Under this scenario, the government could presumably manage its existing investments in banks and auto companies to a conclusion, while devoting unused dollars and future operating proceeds to deficit reduction. But, as Mr. Geithner surely knows, Republicans are wrong to seek elimination of a fund that could still provide useful insurance against a possible financial calamity over the next 10 months. Many House Democrats, for their part, are urging the secretary to keep TARP alive as long as the law allows -- until next Oct. 3 -- during which time the federal government could spend it on job creation, more mortgage relief or maybe something else. This, too, would be a mistake: The TARP money is not some sort of all-purpose slush fund, to be tapped for whatever projects would please a majority of Congress. According to the statute that created it, TARP is for the support of the financial sector, upon which all other parts of the economy depend. Already, TARP's legal mandate has been stretched to bail out Detroit and the home mortgage industry. Mr. Geithner has said only that 'we are winding (TARP) down and will close it as soon as we can.' That hints at a wise middle course between the Republicans and Democrats on the Hill. Mr. Geithner should keep TARP alive a while longer, while using most of its unneeded dollars to pay down the national debt. 