At a Senate Finance Committee hearing Tuesday, a special inspector general overseeing government efforts to bail out portions of the private sector said the U.S. so far has committed nearly $2.98 trillion toward stabilizing financial companies and rescuing domestic auto makers.
The $2.98 trillion figure… reflects spending on the TARP as well as funding for certain programs from the Federal Reserve Board and the Federal Deposit Insurance Corp. It doesn’t include costs for working-capital loans to General Motors Corp. (GM) and Chrysler LLC or a new government auto-warranty-guarantee program unveiled Monday.
“This is a huge, unprecedented financial commitment…$2.9 trillion is just short of what the entire federal government spent in fiscal year 2008,” Senate Finance Chairman Max Baucus (D., Mont.) said. “It’s like having a second United States government budget dedicated solely to saving the financial system, and that is truly surreal.” [via WSJ]