The Troubled Asset Relief Program, which the federal government used to bail out many of the nation’s banks and automakers, will cost taxpayers an estimated $24 billion. That’s 25 percent less than the previous estimate.
The new estimate comes from the Congressional Budget Office, the nonpartisan scorekeeper for Congress on matters related to federal spending.
Congress passed TARP in October 2008 when the financial markets melted down and credit in the nation’s banking system froze up. While $700 billion was approved under the program, only $414 billion was dispersed.
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