America, You Asked For It!

Political News and Commentary from the Right

Bailout payout tops $8 trillion

by Jeanne Cummings at Politico

Your Kid in a Few Years

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.

…(Read full article)

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December 16, 2008 - Posted by | Bailout | , , , , , , , , ,

1 Comment »

  1. 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 | Reply


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