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Thursday, February 26, 2009

Obama Budget: $250 Billion for TARP II

by Calculated Risk on 2/26/2009 12:59:00 PM

From CNBC: Troubled Banks Could Get $250 Billion More in Budget

President Barack Obama penciled into his budget on Thursday the possibility that he may request an additional $250 billion to help fix the troubled U.S. financial system.

The figure, described as a "placeholder" and not a specific funding request, would support asset purchases of $750 billion via government financial stabilization programs, administration officials said.

Any additional request to Congress would come on top of the $700 billion financial bailout program enacted last year ...

"Additional action is likely to be necessary to stabilize the financial system and thereby facilitate economic growth," the White House said in budget documents released on Thursday.
What a surprise ...