Bloomberg reports:
The stimulus package the U.S. Congress is completing would raise the government?s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation?s home mortgages.
The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years ?
Say, if government spending is supposed to save the economy, then why after all that are things even worse now than before?
? and pledged up to $5.7 trillion more. The Senate is to vote this week on an economic-stimulus measure of at least $780 billion. It would need to be reconciled with an $819 billion plan the House approved last month.
Only the stimulus bill to be approved this week, the $700 billion Troubled Asset Relief Program passed four months ago and $168 billion in tax cuts and rebates enacted in 2008 have been voted on by lawmakers. The remaining $8 trillion is in lending programs and guarantees, almost all under the Fed and FDIC. Recipients? names have not been disclosed.
