Obama Claims ‘We Got Back Every Dime’ of Bailout Money on Same Day CBO Reports $24B Loss

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President Barack Obama said on Thursday that “we got back every dime we used to rescue the financial system.”

According to the Congressional Budget Office, however, the government will lose about $24 billion on the bailout.

“We got back every dime we used to rescue the financial system, but we also passed a historic law to end taxpayer-funded Wall Street bailouts for good,” Obama said in Miami Thursday.

The Congressional Budget Office–based on figures from Obama’s own Office of Management and Budget—gives a different assessment.

“The cost to the federal government of the TARP’s transactions (also referred to as the subsidy cost), including grants for mortgage programs that have not yet been made, will amount to $24 billion,” said the CBO report, which was released on the same day Obama spoke.

TARP is the Troubled Asset Relief Program – the formal name of the government’s financial bailout program passed in October 2008.

CBO said that the cost of TARP “stems largely from assistance to American International Group (AIG), aid to the automotive industry, and grant programs aimed at avoiding home mortgage foreclosures,” noting that the losses will be so large they will eclipse the financial gains the government will realize from bailing out other large financial institutions.

In fact, CBO reported that as of now $65 billion in TARP funds remain outstanding.

Read more at CNS NEWS

{Matzav.com Newscenter}

7 COMMENTS

  1. I’m not advocating for anyone here, but please also note that its’ Bush’s TARP… Its upsetting seeing how fast they threw him under the bus!

  2. matzav is printing other republican propaganda articles and doesnt even know what the words mean when it copies – outside of quotes-

    “noting that the losses will be so large they will eclipse the financial gains the government will realize from bailing out other large financial institutions.”

    not only does CNS from which matzav got the article, not understand what that quote refers to, but it proves it doesnt understand what it is is cherrypicking because tarp was the greatest bailout return ever.
    This quote is naively being understood to mean that tarp didnt pay off as intended WHEN THE PURPOSE OF THE BAILOUT WAS NOT TO GET THE MONEY BACK. if they new they would never get the money back they would still have done the bailout becasue the reason had nothing to do with getting actually paid back.

    And to end up getting 95% back so far is great, and if indeed the president has an explanation or doesnt have an explanation for the 5% that naively, via the reader- is not to be understood since the news story isnt understood by the news media from which matzav got it, just means that matzav is as ignorant a bunch of fake journalists who dont even know what they are writing.

    why dont you burn your own headquarters down and collect the insurance so you can get out of the fraudulent media you are apart of.

  3. How about the Solyndra money and now A123 the electric car maker going bankrupt – we’re never gonna see that back.
    Also, why are you thrashing Wall Street and the Banks if they paid the “loan” back plus some profit

  4. ahem # 3
    do you no the definition of propaganda?
    the bailout was a loan to prevent them from going out of business
    and just bc u dont understand that quote doesnt mean the political analysts for matzav dont understand it
    and the leftist media(cnnn,mnsbc,abc,cbs) did not mention the scandal adn the hearing to see who was responsible for the libyan attack, only foxnews which is right winged mentioned it… but its the right winged ppl lying isnt it
    finally its only called left wing because it cant be called wrong wing

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