by LukeAmerica2020 on July 21, 2009

The bailouts could cost $80,000 for every American citizen.

Neil Barofsky, the inspector general for the Troubled Asset Relief Program (TARP), delivered his report today to the House Oversight and Government Reform Committee. The total price tag for federal support stemming from the financial crisis could reach $23.7 trillion in the long run, the government’s top bailout watchdog says in a new report to Congress.

The $23.7 trillion figure is admittedly a high-ball number and reflects the total potential gross exposure, but Barofsky in his prepared testimony notes that the TARP — which started as a $700 billion bailout — has expanded well beyond that.

“TARP has evolved into a program of unprecedented scope, scale and complexity. Moreover, TARP does not function in a vacuum but is rather part of the broader government efforts to stabilize the financial system,” the report says.

“The total potential federal government support could reach up to $23.7 trillion,” the report estimates, factoring in commitments from “dozens of programs” implemented throughout the federal government since 2007.

References:
   Digital Journal
   Fox News
   Atlanta Journal Constitution
   Sun-Sentinel.com

 

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This entry was posted by LukeAmerica2020 on Tuesday; July 21st, 2009 at 7:00 pm and is filed under Bailouts, Big Government Spending, Headlines. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site. Word count: 185.

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