NU Online News Service, Nov. 30, 3:39 p.m. EST
WASHINGTON–The Congressional Budget Office today released a report slashing its estimate of the government's cost of bailing out American International Group to $14 billion–a steep drop from its March estimate of $36 billion.
The new estimate was contained in a report projecting that the total cost of the Troubled Asset Relief Program (TARP) initiated in October 2008 will be $25 billion, far less than earlier estimates, including a $66 billion estimate in August. A March report projected a total loss of $109 billion.
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