What $12.8 Trillion Gets Taxpayers, Government Spending Update

Stimulus Spending and Loans Nears $13 Trillion

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:

• $168 billion for Economic Stimulus Act of 2008 — Feb 13, 2008
• $200 billion for Term Securities Lending Facility (TSLF) — Mar 11, 2008
• $29.5 billion bailout for Bear Stearns debt — Mar 14, 2008
• $10.7 billion for IndyMac Bank — July 11, 2008
• $24.9 billion for Housing and Economic Recovery Act of 2008 — July 26, 2008
• $300 billion for American Housing Rescue and Foreclosure Prevention Act — July 30, 2008
• $200 billion for Fannie Mae and Freddie Mac Bailout I — Sept 7, 2008
• $150.3 billion for American Insurance Group — Sept 16, 2008
• $427 billion to improve global liquidity conditions — Sept 18, 2008
• $152.1 billion for Asset-Backed Commercial Paper — Sept 19, 2008
• $9 billion to insure Morgan Stanley debt — Sept 29, 2008
• $700 billion for Troubled Asset Relief Program (TARP) — Oct 3, 2008
• $900 billion for Term Auction Facility Lending (TAF) — Oct 6, 2008
• $540 billion for Money Market Investor Funding Facility (MMIFF) — Oct 21, 2008
• $1.7 trillion for Commercial Paper Funding Facility (CPFF) — Oct 27, 2008
• $2 trillion for Temporary Liquidity Guarantee Program (TLGP) — Nov 21, 2008
• $9 billion for Unemployment Compensation Extension Act of 2008 — Nov 21, 2008
• $301 billion for Citigroup Bank — Nov 23, 2008
• $1.45 trillion for Mortgage-Backed Securities Purchase Program — Nov 25, 2008
• $900 billion for Term Asset-Backed Loan Facility program (TALF) — Nov 25, 2008
• $4 billion for Worker, Retiree, and Employer Recovery Act of 2008 — Dec 23, 2008
• $118 billion for Bank of America — Jan 16, 2009
• $81 billion for NCUA Capital Stabilization Program — Jan 28, 2009
• $787.2 billion for American Recovery and Reinvestment Act — Feb 17, 2009
• $200 billion for Fannie Mae and Freddie Mac Bailout II — Feb 18, 2009
• $25 billion for Making Home Affordable Program — Mar 4, 2009
• $300 billion to purchase “longer term” Treasury securities — Mar 18, 2009
• $900 billion for Public-Private Investment Program — Mar 23, 2009
• $300 billion to improve global liquidity conditions — Apr 6, 2009

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.

** Also note that the bailout money listed for banks does not include the TARP money have received in addition to the specific bailout funds.