Saturday, April 4, 2009

Estimated U.S. Taxpayer Cost For Bailout Jumps

This happens every time the government underwrites an industry without actually nationalizing it... They always come back for more or they underestimated the actual cost.

"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."

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