Nearly $3 Trillion So Far Committed to Stabilize Fiancial Companies, Official Says

By Mar 31, 2009, 3:48 PM Author's Blog  

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]

  • SHARE:
  • Share on StockTwits


SPY211.13  chart-0.52  chart -0.25%
GOOG556.54  chart-8.52  chart -1.51%
AAPL131.46  chart+1.18  chart +0.91%
TSLA232.91  chart+14.49  chart +6.63%
TWTR51.6126  chart+0.7926  chart +1.56%
BBRY10.185  chart-0.195  chart -1.88%
NFLX568.8779  chart+10.4829  chart +1.88%
FB82.21  chart+0.68  chart +0.83%

Nikkei19983.32  chart-36.72  chart -0.18%
UK7103.98  chart+50.31  chart +0.71%
France5268.91  chart+67.46  chart +1.30%
Germany12039.16  chart+228.31  chart +1.93%

EUR / USD1.0886  chart+0.0023  chart +0.21%
GBP / USD1.5229  chart+0.0049  chart +0.32%
CAD / USD0.8266  chart+0.0060  chart +0.73%
AUD / USD0.7856  chart+0.0036  chart +0.46%