US 300 billion bailout money not spent

Source: Internet
Author: User
Keywords Congress Treasury
Tags accountability financial financial aid financial institutions how to how to deal with released
The U.S. "running" through the rescue plan to implement six months "half-baked" in the 700 billion-dollar large-scale financial rescue plan began to implement a large six months later, the United States Congress 9th Statistics found that the money left over 300 billion dollars did not spend.  How to deal with these payments is contentious in Congress. A Congressional Government Accountability Bureau 9th released statistics showing that since Congress approved last October, $700 billion trillion in financial aid has spent about $339 billion trillion, but not paid for about $102 billion trillion, with nearly $259 billion left.  Plus some of the "solution" financial institutions to repay about 70 billion U.S. dollars, a large six months, the balance of the account is still about 329 billion U.S. dollars. After the massive financial rescue plan was introduced in Congress last year, lawmakers were almost "running small" to let it pass quickly. At the time, Lehman Brothers, the investment bank, had just filed for bankruptcy protection, and the government took over major financial institutions such as Fannie Mae and Freddie Mac, the insurance giant and AIG, the two big mortgage lenders.  Wall Street is Shiji and the financial system is crumbling. The intent of the financial rescue was to buy bad assets from banks and other financial institutions to ease the credit crunch. But soon, financial institutions began to feel that the bailout brought too much government interference, after a little better business, they have to pay the "solution."  In addition, part of the financial rescue fund has been used to help carmakers. There was so much money left in other places, and Congress immediately broke up. Some lawmakers believe that the money should be taken to save the house's repossessed "mortgage slaves", while others say it is time to bring in debt owed by the government.  Judd, Congressman Spencer Bax, who holds a conservative stance on fiscal spending, argues that the money should be taken from all citizens, and that the best way is to flush out the ballooning bonds. The Treasury wants to keep it in its hands because of the government's considerable autonomy over how much money is spent.  In a letter to Senator Greg, Treasury Secretary Timothy said the rest of the money would "have the flexibility to stabilize the economy and lay the groundwork for long-term economic development". Under the mandate, the massive financial rescue plan will end by the end of this year, but Geithner has the right to extend it to next year.  The Treasury Department said that the rest of the money now looks more, but more than half of the funds used in the plan, the real "unowned" money is about 127 billion dollars. The massive financial rescue plan is not the only one that seems to be a bit out of the US government bailout.  The Treasury announced 8th the list of 9 investment companies involved in the bank's "toxic Assets" acquisition plan, as well as the amount of funds to be bought, which the government and private investors will join together to fund $40 billion. This amount of funding has shrunk significantly from previous plans. The Treasury announced March 23 this year to deal with the bank's "toxic assets" rules, decided by the government and private investors jointly financed 500 billion to 1 trillion U.S. dollars, the acquisition"Toxic assets". According to Xinhua
Related Article

Contact Us

The content source of this page is from Internet, which doesn't represent Alibaba Cloud's opinion; products and services mentioned on that page don't have any relationship with Alibaba Cloud. If the content of the page makes you feel confusing, please write us an email, we will handle the problem within 5 days after receiving your email.

If you find any instances of plagiarism from the community, please send an email to: info-contact@alibabacloud.com and provide relevant evidence. A staff member will contact you within 5 working days.

A Free Trial That Lets You Build Big!

Start building with 50+ products and up to 12 months usage for Elastic Compute Service

  • Sales Support

    1 on 1 presale consultation

  • After-Sales Support

    24/7 Technical Support 6 Free Tickets per Quarter Faster Response

  • Alibaba Cloud offers highly flexible support services tailored to meet your exact needs.