Taxpayers to Get Repaid for Almost All $700 Billion in Bailout Fund

By: Associated Press
By: Associated Press

Congress' independent budget agency says the cost to taxpayers of the contentious $700 billion financial rescue has dwindled down to $25 billion.
The Congressional Budget Office estimates that as of this month the government will recoup most of the money spent. The $25 billion represents unrecovered money spent to bail out insurance giant American International Group and automakers Chrysler and GM. All three, however, have paid back some of their rescue money.
The payback outlook is far rosier than it was in August when CBO forecast losses of $66 billion and in March when it foresaw losses of $109 billion.
In a report issued Monday, CBO said the brighter prospects are the result of repurchases of preferred stock by recipients of bailout funds, a lower estimated cost for assistance to AIG and to the automotive industry, and lower participation in mortgage assistance programs.
The bailout fund, known as the Troubled Asset Relief Program, became hugely unpopular with the public and in Congress. Advocates and even some critics, however, credit it for stabilizing the financial sector in the wake of Wall Street's meltdown in 2008.

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  • by Anonymous on Nov 30, 2010 at 09:34 AM
    If the government would get out of controlling our lives, things would be better. If they eliminate the farm subsidies, people would be eating healthier and cheaper. If they eliminaited unemployment tax as it is, we would be at nearly 100% employment. If they would eliminate taxes we would spend more.
  • by Kurk Location: Mason on Nov 30, 2010 at 04:38 AM
    INstead of reporting that money has been paid back, how about reporting where the money that HAS been paid back went? Did it go against the deficit or did it go into a democrat slushfund to pay for things they couldnt get approved of?
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