Just $15B left in first $350B of gov't bailout

AP
Tuesday, Dec 09, 2008

The government has just $15 billion left to spend from the first $350 billion pot of financial bailout money, the Treasury Department announced Monday.

The department said $335 billion has been allocated from the first half of the $700 billion program, which was enacted on Oct. 3. The information was contained in a report to Congress.

Treasury Secretary Henry Paulson, who is overseeing the program, is weighing tapping the second $350 billion. The main goal of the program is aimed at getting financial institutions to lend money more freely again, which would help revive the economy.

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Of the $335 billion spoken for, $250 billion has been pledged for capital infusions to banks. In return, the government receives partial ownership stakes in the financial institutions.

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