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.
Let's see how long it takes the clueless Republicans will find fault with this GOOD news...
GOP: Evolve or die.
More smoke and mirrors from the make believe people. So now we can have more government spending for so called "job creation". Government doing what it does best, lying.
Outstanding...this is good news. About time we start paying down that nice debt Bush and Darth Cheney left Obama to deal with. Not to mention a banking system that was about to collapse.