WASHINGTON - TARP, the four-letter acronym for a $700 billion government bailout, has lost its original definition and needs a new name.

Even the White House on Tuesday acknowledged that TARP was perhaps not the most accurate portrayal of the changing intent of the financial rescue package.

After all, Treasury Secretary Henry Paulson last week said the Troubled Assets Relief Program would not be used for troubled asset relief but rather to shore up financial firms.

“Shouldn’t we stop calling it TARP, since it’s not really any more a troubled asset relief program?” a reporter asked at the daily White House briefing.

“Yes, I have thought the same myself,” White House spokeswoman Dana Perino said.

“I don’t know what we could call it. I also call it the rescue package. It’s not a bad point,” she conceded.

Paulson said he was backing away from using the bailout fund for buying troubled mortgage assets and now instead favored using the money to inject capital into financial institutions.

Hmmmm… Perhaps it is time for a new name.

Some off-the-cuff suggestions include CYA for Cover Your Assets, ILL for Inject Lender Liquidity, EWAPOM for Everyone Wants A Piece Of Me, or WHW for Whatever Hank Wants.

But we’d like to open this up to suggestions from our readers. Let’s hear from you.