US Treasury Secretary Timothy Geithner reveled in a letter to House and Senate leaders today that the government will extend the bailout program to October, 2010. Originally, the $700 billion Troubled Asset Relief Program (TARP) was slated to wrap-up at the end of the year, but pressure from citizen’s groups claiming that while the taxpayer-funded TARP program helped the banking system, American’s facing high unemployment and record foreclosure rates, were ignored.
The recovery of our financial system remains incomplete,” Geithner told lawmakers. “And, near-term shocks to that system could undermine the economic recovery we have seen to date.
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