Because politicianswould never lie as to how much a program would actually cost tax payer, now would they? Welcome to Obamanomics.
The Troubled Asset Relief Program, TARP, that was told to America that would cost $700 billion is now estimated to cost $3.7 trillion. Yes you heard that correct, trillion with a “T”. Can you imagine how much Obamacare is really going to cost? Do any of you really believe it will save money?
Increased housing commitments swelled U.S. taxpayers’ total support for the financial system by $700 billion in the past year to around $3.7 trillion, a government watchdog said on Wednesday.
The Special Inspector General for the Troubled Asset Relief Program said the increase was due largely to the government’s pledges to supply capital to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) and to guarantee more mortgages to the support the housing market.
Increased guarantees for loans backed by the Federal Housing Administration, the Government National Mortgage Association and the Veterans administration increased the government’s commitments by $512.4 billion alone in the year to June 30, according to the report.
“Indeed, the current outstanding balance of overall Federal support for the nation’s financial system…has actually increased more than 23% over the past year, from approximately $3.0 trillion to $3.7 trillion — the equivalent of a fully deployed TARP program — largely without congressional action, even as the banking crisis has, by most measures, abated from its most acute phases,” the TARP inspector general, Neil Barofsky, wrote in the report.
The spending has to stop. Programs and new spending have to be paid for or offset by cutting other government spending. This Administration is out of control.