The Obama administration will report to Congress tomorrow that the Troubled Asset Relief Program is expected to:
· Turn a profit of roughly $20 billion dollars from money invested in banks and returned;
· Lose roughly $30 billion from investments in AIG, though of course that investment is not over (so it could end up being more or less); and
· Lose roughly $30 billion from investments in the automakers though of course those investments are not over (so it could end up being more or less).
· the Obama administration anticipates that when its new budget is published in February, it will show that the cost to taxpayers and the deficit will be at least $200 billion lower than the $341 billion estimate projected in the Mid-Session Review published in August.
· Of the $370 TARP funds disbursed, to date banks have repaid $71 billion, and Bank of America’s planned repayment would bring that total to $116 billion.