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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)