http://www.taxpayer.net/resources.php?action=issues&proj_id=3791&category=Bailout&type=Project
Facts:
- The Troubled Asset Relief Program (TARP) will cost taxpayers between $66 billion and $105 billion; this may decrease depending on the return for federal shares in insurance American International Group (AIG).
- About 600 banks with about $65 billion in federal funds are unable, or unwilling, to pay back their TARP funds.
- In the past two years, 279 banks have failed, the quickest pace since thousands of banks closed from 1982 to 1993.
- Taxpayers have made $2 billion in profit.
- Wall Street analyst, Meredith Whitney, predicted that the state government would be next for a trillion-dollar Washington bailout.
Get Over Yourselves
Facts:
- A "super committee" consists of 535 lawmakers representing 300 million Americans.
- The government's play is to find at least $1.2 trillion in deficit reduction.
- For revenues, tax loopholes and breaks must be eliminated, so some people and corporations will pay more taxes.
- Cuts to discretionary spending can result in short and long term savings.
- The government may be improved by making smart, targeted cuts that serve to prioritize government spending.
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