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Geithner: $110B Left in TARP War Chest

Treasury won't ask Congress for more; defends slack lending
By Kevin Spak,  Newser Staff
Posted Apr 21, 2009 10:53 AM CDT
Geithner: $110B Left in TARP War Chest
In this March 24, 2009 file photo, Treasury Secretary Timothy Geithner, left, accompanied by Federal Reserve Chairman Ben Bernanke, testifies on Capitol Hill.   (AP Photo)

Some $109.6 billion remains in the government's $700 billion bailout, Treasury Secretary Timothy Geithner today told TARP's congressional oversight chief, Elizabeth Warren. The Treasury sec says that's plenty—he expects banks to repay about $25 billion over the next year, and won't ask Congress for more. Geithner also defended weakened bank lending, saying "In recessions following a long period of substantial borrowing, demand for credit falls much more sharply."

Geithner stressed that $355.4 billion of the money was spent by the Bush administration, including $117 billion committed to AIG, Citigroup, Bank of America, General Motors, and Chrysler. The Obama administration has pumped another $30 billion into AIG and $5 billion into automakers, bringing the total for what it termed "exceptional assistance" to $152.4 billion.
(Read more TARP stories.)

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