New York (CNNMoney.com) - The Obama administration is expected to slash the estimated cost of the Troubled Asset Relief Program by $200 billion, which could help trim the nation's bloated deficit.
The latest projection, which will be officially unveiled by the White House in the coming days, would cut the long-term cost of TARP to $141 billion, according to a Treasury Department official.
As recently as August, the administration had projected that the long-term costs of running TARP would reach $341 billion.
But that outlook has improved as banks have raced to repay taxpayer funds to the government in recent months. To date, banks have returned some $71 billion to taxpayers, according to the Treasury Department.
Banks returning 71 billion dollars back to the taxpayers, that's a joke fat chance we the people would see any of that in our wallets.
Well, my Republicans "friends" (not really, they are all slime) perhaps things are not so bad. But you clowns will undoubtedly find something else to whine about. All Republicans, to the person, stink to high heaven.
If only we could trust America's not-so-gifted, low-leadership-skills CEOs to do the right thing, but of course we can't. Those people don't know their product and they don't care what their product is. There are no Thomas Edisons among them who could actually invent anything. There are no Henry Ford's among them who could actually build a car. They are accountants and MBAs, not engineers or programmers.
They don't know how to make the product, but they know how to make deals. They also know how to "cut costs" by laying off workers and demanding that the survivors work extra hours for free (salaried of course, not hourly).
If there is anything that all Americans should have learned from the ongoing recession, it is that a man (or woman) will do pretty much anything for a hundred million dollars. That includes making bad deals, bankrupting the nation, cooking the books, hiding assets, hiding liabilities, deceptive advertising, lying to Congress, lying to us, lying to their employees, etc. etc. etc.
They are paying the US back quickly just to get rid of federal oversight. They want to quickly return to their old bad habits and start the next bubble going. Regulate. Regulate. Regulate.
Just out of interest, why was CNN not running stories on the "bloated deficit" when our last president passed over a trillion dolalrs in tax cuts?
Send the remaining funds to small business.
Looks like "the Fed" wants to put the money back so they dont have to open their books.
Finally some good financial news. I hope this is starting a trend and may I dare say, I might have been wrong about this initially. Time will tell.
There is no reduction of spending, he just wants to spend it on more welfare programs.
I think the banks and wall st. should pay for your national debt or at least a good portion of it.
Excellent! Keep up the good work, Mr. President!!
Congress promised the public that all the TARP funds that are repaid will be used to pay down the national debt. An admendment was added to the TARP bill limiting congress from spending the repaid monies for anything else.
Now, Congress is saying they want to spend the money to 'create' new jobs.
This is why people don't trust Congress. They say one thing to get a bill passed into law and then they totally ignore the very law they passed.
It's about time he got serious about the deficit! Now he has to KEEP cutting... and cutting... and cutting. That's what WE do with our own
You really believe this administration will,cut the deficit with tarp funds?. I believe they will use the money to try and fix the job problem,and not follow the law which states any left over money wiould go to pay down the debt. After all the Stimulis has been a complete failure in the creation of jobs promised by Obie.
At the same time, it needs to stop unneeded spending....too....well done pres. obama...I vote for you next election...too...
No benefit to the taxpayer. Obama will not be able to resist spending it on some other liberal crazy idea.
Obama will be remembered as the most incompetent president ever elected to office, surpassing even Jimmy Carter.
Corp banks get to continue to hand out OBSCENE amounts of $$ in bonuses while paying US back $.66 on the dollar ~ the American dream is now only available to the top 5%.....and yet 25% of the country still thinks it wrong to place limits on the gamblers [who are actually in the top 1%!!], even while they continue the kinds of behavior that got us here in the first place!
Love it: top 1% [bankers] steal and gamble with YOUR MONEY, lose it, extort more from you by telling you unless you give it to them you and the rest of the world will be destroyed; get your money and begin the same gambling and pay YOU BACK 66 cents each time they make $1.....and get to gamble AGAIN with the left over $.34....FOR FREE.
CRAZY is defined by doing the same thing and expecting a different result.......and yet we sit back while Banks ARE trading derivatives and such in the same way that ALREADY LANDED US IN THIS MESS and say very little.....j
This pay back of tarp would never happen under a Republican resime. The Republican's would send tarp funds WITHOUT REGULATION SO THE Rich can "share in the wealth"
who are these people in the "Making Home Affordable program" I
hope they are not american tax payers like you and I we don't need
programs like this lets put this money in the war you know for sure that
we will get our tax paying money back from those tax paying citizen
It is highly unfortunate that a large percentage of our population is so horribly misinformed on the cost of the TARP program. I know several people who believe "$700 Billion in TARP money disappeared". When presented the facts, they simply don't process them and continue on believing the lies they've been fed.
More proof that Obama is just an incompetnt empty suit communist community organizer Muslim Kenyan Indonesian fascist totalitarian. He'll use the money to fund ACORN!
Heard a great suggestion that they just reallocate this 200bn for the publis health insurance option and take it out of the health care debate. Do that and passage of real comprehensive health overhaul in a week.
Of course the Obama administration will find some other way to help out the dope smoking deadbeats with our money. Has anyone noticed how much our credit card rates and fees have gon up since the Obama administration decided to help the dope smoking deadbeats that can't pay for what they buy? More of the same coming. If you work, you get no consideration from these left wing nuts. Obama one and done.
This will create a lot of confusion for conservatives: do we continue to denigrate the bailout; do we now remind everyone the bailout was started under Bush, or do we just insist the remaining bailout money should be used for more tax cuts. (Since the bailout WAS started under Bush, it can't be used to reduce the deficit, since deficits under Republicans don't matter).
When it comes to dare the deficit, we re-reckon, anything goes.
Give this man some time America and I think he just might be able to do it. He's only been there 11 months and I think a lot of American's forget that. He can't fix overnight what took many years to fester. Let's all stand by this President whether were Republican or Democrat as this is our country and if he succeeds, we all succeed.
Maybe I am do good liberal/democrat but this sounds good to me... good job Prez.. I am even willing to say this is also one of the last things W did so good will to him as well!!