Treasury: $110 billion remaining in bailout funds
On Tuesday the Treasury Department said $109.6 billion are reaming in the in resources remain in the government's $700 billion financial rescue fund.
According to a letter released by Treasury Secretary Timothy Geithner to Elizabeth Warren, the head of the Congressional Oversight Panel, Geither said the Treasury expects a boost of $25 billion as some institutions pay back money they received under the Capital Purchase Program.
The available funds would then be raised to $134.6 billion.
In the letter, Geithner said the Bush administration had committed $355.4 billion in resources before it left office. That total included $117 billion committed to insurance giant American International Group Inc., banking giants Citigroup Inc. and Bank of America Corp., and auto companies General Motors Corp. and Chrysler LLC.
Another $218 billion has been allocated to banks to strengthen capital reserves. So far, that program has disbursed nearly $200 billion to more than 500 banks nationwide with more applications pending. Former Treasury Secretary Henry Paulson had once set a goal of having $250 billion disbursed to banks.
By Treasury's accounting, another $20 billion has been committed to the initial joint effort with the Federal Reserve to boost lending to consumers and businesses under a Fed program known as the Term Asset-Backed Securities Loan Facility.
The bailout fund was authorized on Oct. 3 after the Bush administration said a large amount would be needed to deal with the worst financial crisis in 70 years.
Critics have complained that the bailout money has failed to get banks to resume more normal lending to consumers and businesses.
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