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Bailout Cost Jumps 50%

John on April 6, 2009 at 9:28 am

The “net cost” of the TARP program to US taxpayers just went up more than 50%:

U.S. congressional budget analysts have raised their estimate of the net cost to taxpayers for the government’s financial rescue program to $356 billion, an increase of $167 billion from earlier estimates.

The Congressional Budget Office had originally projected the $700 billion Troubled Asset Relief Program would cost taxpayers $189 billion.

The additional cost, which applies to TARP spending for fiscal years 2009 and 2010, was included in the CBO’s March projection of a $1.8 trillion deficit for fiscal 2009, which ends September 30.

The TARP cost projection was raised due to changes in financial market conditions, new transactions and a shift in expected timing of payments, the CBO said.

In other words, the rosy scenarios of economic improvement painted by the administration are already starting to be revealed as frauds. I wonder if the Financial Stability Oversight Board will ever hold another meeting to look at things like this?

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Category: Energy & Economy |

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