WASHINGTON -- Government support aimed at cushioning the effects of the financial crisis in the U.S. could reach $23.7 trillion, a special inspector general overseeing U.S. bailout efforts said in a report to Congress.
In prepared testimony for Tuesday's hearing of the House Committee on Oversight and Government Reform, Special Inspector General Neil Barofsky writes the figure includes spending and commitments for several agencies that have implemented programs aimed at supporting the economy and the U.S. financial system.
Link at the Wall Street Journal.
"TARP does not function in a vacuum," he wrote, referring to the government's $700 billion Troubled Asset Relief Program -- its most visible effort to counter the financial meltdown.
That's something like twice our GDP. The thought that this amount can actually be paid without sticking a knife into the heart of our economy is, frankly, insane.