Bailout payout tops $8 trillion
by Jeanne Cummings at Politico
Your Kid in a Few Years
As the holiday season commences, it’s worth taking stock of the last gift that President George W. Bush and the 110th Congress have left for U.S. taxpayers.
It’s a package of about $8.7 trillion dollars’ worth of potential taxpayer commitments for loans, guarantees and other bailout goodies for businesses and distressed homeowners.
Amid the tissue paper:
• More than $1.5 trillion in Federal Deposit Insurance Corp. loan guarantees, including a $139 billion assist to the lending arm of General Electric Corp.
• $1.8 trillion in cash, tax breaks and loan guarantees doled out from the Treasury Department to taxpayers, financial institutions and credit companies.
• $300 billion for homeowners from the Federal Housing Authority.
• $25 billion in assistance for auto companies from a program overseen by the Energy Department, which is separate from the bailout proposal that tanked last week in the Senate.
• And $5 trillion worth of new money, loan guarantees and loosened lending requirements from the Federal Reserve Bank.
December 16, 2008 -
Posted by John Allison, III |
Bailout | Bailout, Bush's Mistakes, Congress, Economy, GOP, GOP Mistakes, National Debt, Socialism, UAW, USSA
If only the MSM would make it this simple to read for the average American who doesn’t care to pay enough attention to how bad we are getting screwed here.
God Bless,
TTT
Comment by truthtracker | December 17, 2008 |