Bailout funds to fix the economy come at a higher cost to U.S. taxpayers.
Originally, the Congressional Budget Office had projected that last year’s $700 billion Troubled Asset Relief Program (TARP) would cost taxpayers $189 billion. With the new budget thrown in for 2009 and 2010, this figure has risen to $356 billion. (Reuters)
The Treasury Department has announced plans to use some of the money to help avoid home foreclosures and made new deals with Bank of America and the notorious American International Group (AIG).
On April 3, 2009, the Office of Management and Budget (OMB) published Implementing Guidance for the American Recovery and Reinvestment Act of 2009 (“Recovery Act”). This is the second installment of detailed government-wide guidance for carrying out programs and activities enacted in the Recovery Act. Read April 3 detailed guidance memorandum.