Taxpayer's Guide to the Stimulus:
Financial Crisis Spending Chart

Financial Crisis, Bailouts, and Stimulus

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>> Financial Crisis Spending, Commitments, and Loans

In February 2008, Congress and the Bush administration passed a stimulus and tax rebate bill to fight the developing recession. Since then, the federal government has put American taxpayers on the hook for nearly $12.9 trillion in spending, loans, and insurance for deposits and investments.

Here is the money spent on specifically fighting the recession:

(In Billions)  Spending by Agency  
$168 Economic Stimulus Act of 2008 Treasury
$200 Term Securities Lending Facility (TSLF) Fed
$30 Bear Stearns Fed
$11 IndyMac Bank FDIC
$25 Housing and Economic Recovery Act of 2008 Treasury
$300 American Housing Rescue and Foreclosure Prevention Act Treasury
$200 Fannie Mae and Freddie Mac Bailout I Treasury
$150 American Insurance Group Fed
$427 to improve global liquidity conditions Fed
$152 Asset-Backed Commercial Paper Fed
$9 Morgan Stanley Fed
$700 Troubled Asset Relief Program (TARP) Treasury
$900 Term Auction Facility Lending (TAF) Fed
$540 Money Market Investor Funding Facility (MMIFF) Fed
$1,700 Commercial Paper Funding Facility (CPFF) Fed
$2,000 Temporary Liquidity Guarantee Program (TLGP) FDIC
$9 Unemployment Compensation Extension Act of 2008 Treasury
$220 Citigroup Bank Fed
$71 Citigroup Bank Treasury
$10 Citigroup Bank FDIC
$1,450 Mortgage-Backed Securities Purchase Program Fed
$900 Term Asset-Backed Loan Facility program (TALF) Fed
$4 Worker, Retiree, and Employer Recovery Act of 2008 Treasury
$87 Bank of America Fed
$28 Bank of America Treasury
$3 Bank of America FDIC
$81 NCUA Capital Stabilization Program FDIC
$787 American Recovery and Reinvestment Act Treasury
$200 Fannie Mae and Freddie Mac Bailout II Treasury
$25 Making Home Affordable Program FDIC
$300 to purchase “longer term” Treasury securities Fed
$450 Public-Private Partnership Fed
$450 Public-Private Partnership FDIC
$300 to improve global liquidity conditions Fed

Total: $12,886,700,000,000

(In Billions)  Spending by Type  
$168 Economic Stimulus Act of 2008 Tax credits
$200 Term Securities Lending Facility (TSLF) Loans
$30 Bear Stearns Loans
$11 IndyMac Bank Guarantees
$25 Housing and Economic Recovery Act of 2008 Spending
$300 American Housing Rescue and Foreclosure Prevention Act Guarantees
$200 Fannie Mae and Freddie Mac Bailout I Spending
$113 American Insurance Group (debt and equity purchases) Spending
$38 American Insurance Group (loan) Loans
$427 to improve global liquidity conditions Loans
$152 Asset-Backed Commercial Paper Loans
$9 Morgan Stanley Guarantees
$500 Troubled Asset Relief Program (TARP) Loans
$200 Troubled Asset Relief Program (TARP) Guarantees
$900 Term Auction Facility Lending (TAF) Loans
$540 Money Market Investor Funding Facility (MMIFF) Guarantees
$1,700 Commercial Paper Funding Facility (CPFF) Spending
$2,000 Temporary Liquidity Guarantee Program (TLGP) Guarantees
$9 Unemployment Compensation Extension Act of 2008 Spending
$301 Citigroup Bank Guarantees
$1,450 Mortgage-Backed Securities Purchase Program Spending
$900 Term Asset-Backed Loan Facility program (TALF) Guarantees
$4 Worker, Retiree, and Employer Recovery Act of 2008 Spending
$118 Bank of America Guarantees
$80 NCUA Capital Stabilization Program Guarantees
$1 NCUA Capital Stabilization Program Spending
$486 American Recovery and Reinvestment Act Spending
$301 American Recovery and Reinvestment Act Tax credits
$200 Fannie Mae and Freddie Mac Bailout II Spending
$25 Making Home Affordable Program Spending
$300 to purchase “longer term” Treasury securities Spending
$900 Public-Private Investment Program Loans
$300 to improve global liquidity conditions Loans

Total: $12,886,700,000,000

* Note that in some of these expenditures, the taxpayer money going out is a loan that is projected to be repaid with interest. However, taxpayers are on the hook for this money regardless of whether or not the firms are actually able to pay it back.

** This page has intentionally left out spending directly related to the federal budget and focuses on the extraordinary activities by Treasury, Congress, FDIC and Federal Reserve.

(Updated: July 1, 2009 -- We will update this chart each month)

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Anthony Randazzo is Director of Economic Research





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