This week, as part of the effort to help create a better environment for private sector job growth, the House will begin the process of shutting down the TARP bailout program, saving taxpayers $8 billion in mandatory government spending — with more cuts to come.

The new majority has kept its pledge and voted to cut discretionary spending back to pre-“stimulus” levels. This includes the economy-boosting cuts in H.R. 1, the short-term funding bill that cut $4 billion, the repeal of ObamaCare, and several other measures saving taxpayers hundreds of millions of dollars.

Now Republicans will continue to lead where President Obama and the Democrats who run Washington have failed by taking on the mandatory spending that’s fueling America’s job-crushing debt. To help liberate our economy from the shackles of debt and big government, Republicans will vote to:

• Save taxpayers $8 billion by shutting down an ineffective TARP program. H.R. 830, legislation by Rep. Robert Dold (R-IL), terminates the FHA Refinance Program, a taxpayer-funded bailout that gives private lenders the ability to dump their mortgage risks onto the backs of taxpayers. The Obama Administration originally predicted this program would be tapped by anywhere from 500,000 to 1.5 million homeowners to refinance underwater loans – to date, a grand total of 44 loans have been refinanced. Yes, you read that right: 44. The program is costly and doesn’t work. The House will vote to protect taxpayers and shut it down.

• Save taxpayers another $1 billion by ending a failed spending program that is bad for taxpayers and bad for struggling homeowners. H.R. 836, legislation by Rep. Jeb Hensarling (R-TX), ends HUD’s so-called Emergency Homeowners Relief Program, a government grant program that increases struggling homeowners’ debts and leaves taxpayers holding the bag. Programs like this only prolong our current economic troubles and ensure the housing market continues to struggle. The best way to help homeowners is to boost our economy and help create new private-sector jobs, not pile more debt on the backs of our kids and grandkids.

According to Bloomberg News, “50 percent of voters cited cutting federal spending as the top priority for improving the economy.” And according to Resurgent Republic’s Luke Frans, 61 percent of voters say cutting spending is a better way “to help the economy recover” than the sort of inadequate, status quo spending plan Democrats have proposed.  In fact, USA Today reports that “there is wide public support for spending cuts that go beyond those President Obama is proposing…”

Economists see spending cuts as the best remedy for an ailing economy as well. A group of 150 economists signed a statement saying “immediate action is needed to rein in federal spending” to “support real economic growth and support the creation of private-sector jobs.” And noted Stanford economist John B. Taylor argues that the spending cuts found in the House-passed H.R. 1 “will increase economic growth and employment as the federal government begins to put its fiscal house in order and encourage job-producing private sector investment.”

The question remains: when will Democrats start listening to the American people and get serious about cutting spending?