U.S. Taxpayers Risk $9.7 Trillion on Bailouts as Senate Votes
Feb. 9 (Bloomberg) -- The stimulus package the U.S. Congress is completing would raise the governmentís commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nationís home mortgages.
The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged to provide up to $5.7 trillion more if needed. The total already tapped has decreased about 1 percent since November, mostly because foreign central banks are using fewer dollars in currency-exchange agreements called swaps. The Senate is to vote early this week on a stimulus package totaling at least $780 billion that President Barack Obama says is needed to avert a deeper recession. That measure would need to be reconciled with an $819 billion plan the House approved last month.
Wow..... This is amazing.... Unfathomable.