Notice is a historical project of the Committee for a Responsible Federal Budget, which tracked the money spent by the 2009 stimulus bill. This site is not regularly updated.

Troubled Assets Relief Program (TARP)

Maximum Amount: 
$475.00 billion
Amount Spent: 
$110.58 billion
Deficit Impact: 
$32.00 billion
The Troubled Assets Relief Program (TARP) was created on October 3, 2008 as part of the Emergency Economic Stabilization Act of 2008. TARP was intended to preserve the US financial sector and avoid future structural collapse by allowing the Department of the Treasury to purchase so-called "troubled assets," although different approaches were taken once the program was put into place. The program originally allowed for $700 billion in spending, including three "tranches" of $250 billion, $100 billion, and $350 billion (available upon request from the President and approval from Congress). 
The Treasury Departments under both the Bush and Obama administrations have used TARP in a number of ways, including for the following programs: The Making Home Affordable Mortgage Program, Capital Purchase Program, Consumer and Business Lending Initiative, Public Private Investment Program, Capital Assistance Program, Asset Guarantee Program, Targeted Investment Program, and Automotive Industry Financing Program.
Of the $700 approved for the program, the Treasury has announced plans to provide $644 billion to specific TARP programs. Of that amount, a total of $444 billion have been formalized through commitments.



Amount spent as of 8/22/2012. Maximum amount based on quarterly report by Special Inspector General for TARP ( Deficit impact comes from CBO's December 2011 Report on TARP.

In its 2010 August Budget and Economic Update, CBO estimated that over the life of the program, TARP would cost $66 billion.

In November 2010, CBO revised its estimate of the program downward further to $25 billion.

In March 2011, CBO once again lowered its cost estimate of the program to $19 billion.

In December 2011, CBO raised its estimate of TARP to $34 billion.

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