Geithner: $700 Billion Financial Bailout Program Will End Soon

2 years ago

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Treasury Secretary Timothy Geithner said during testimony on Capitol Hill Wednesday that the $700 billion financial bailout program will end soon.

Geithner did not provide a timeline during questioning before the Senate Agriculture Committee, but said the administration was preparing to "wind down this program," the Associated Press reported.

The Troubled Assets Relief Program was pushed by then-President George W. Bush and approved by Congress in late 2008 at the height of the financial crisis as a way to infuse money into struggling banks. Many lawmakers have been calling for an end to the program.

At a hearing two weeks ago with the Joint Economic Committee, Geithner said TARP still had money left, which would be used to pay down the national debt.

Filed Under: Economy, Obama Administration

Tagged: bailout, daily guidance, DailyGuidance

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