Troubled Assets Relief Program (TARP)

http://stimulus.org/financialresponse/troubled-assets-relief-program-tarp
Data File: 
text/csv icon
TARP_Area_Graph_Updated.csv
Who: 
Treasury
Maximum Amount: 
$698.80 billion
Amount Spent: 
$256.31 billion
Deficit Impact: 
$90.20 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 "trounches" 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.

 

Source: 

Troubled Assets Relief Program

Notes: 

Amount spent as of 7/23/2010. Deficit impact based on individual CBO analyses for all TARP programs in the January 2010 baseline (http://www.cbo.gov/ftpdocs/108xx/doc10871/01-26-Outlook.pdf). Maximum amount based on quarterly report by Special Inspector General for TARP (http://www.sigtarp.gov/reports/congress/2009/October2009_Quarterly_Report_to_Congress.pdf).

In its Preliminary Analysis of the President's Budget, the CBO revised its net 10-year cost estimate for TARP up by $10 billion to $109 billion, stating that most of the revision comes from an updated estimate of support to AIG.