Fresh off his kidney stone surgery last week, it was back to work for Treasury Secretary Tim Geithner on Thursday, as he headed to Capitol Hill to outline the benefits of the government's bailout of the financial system.
The secretary presented an overview of the Administration’s response to the financial crisis, noting that its efforts, including the Troubled Asset Relief Program (TARP), prevented a more severe economic recession and “put the nation on the path of recovery.”
In addition, he discussed how the taxpayers are being repaid and that the cost of the TARP program continues to fall.
“In terms of direct financial cost, TARP will rank as one of the most effective crisis response programs ever implemented,” he said. “Independent observers, such as the Congressional Budget Office (CBO), estimated early on that TARP would cost $350 billion or more. Now, because of the success of the program, TARP is likely to cost a fraction of that amount. CBO today estimates the cost of the program to be as low as $25 billion.”