Obama Lie: “We got back every dime” of Bailout Money – CBO Says $65 Billion Still Unpaid

Obama Lie: "We got back every dime" of Bailout Money - CBO Says $65 Billion Still Unpaid

Obama Lie: “We got back every dime” of Bailout Money – CBO Says $65 Billion Still Unpaid

We can expect more all-out lying from Obama for the rest of the campaign, and beyond if re-elected.

Obama claims that the United States “got back every dime we used to rescue the financial system”, but this is a lie, and the CBO tells a MUCH different story.

The non-partisan Congressional Budget Office says that over $65 billion still needs to be repaid, and that the government will end up losing about $24 billion on Obama’s failed bailout.

We would bet to say that at least 90% of what comes out of Obama’s mouth is a blatant and calculated lie.

President Barack Obama said on Thursday that “we got back every dime we used to rescue the financial system.”

According to the Congressional Budget Office, however, the government will lose about $24 billion on the bailout.

“We got back every dime we used to rescue the financial system, but we also passed a historic law to end taxpayer-funded Wall Street bailouts for good,” Obama said in Miami Thursday.

The Congressional Budget Office–based on figures from Obama’s own Office of Management and Budget—gives a different assessment.

“The cost to the federal government of the TARP’s transactions (also referred to as the subsidy cost), including grants for mortgage programs that have not yet been made, will amount to $24 billion,” said the CBO report, which was released on the same day Obama spoke.

TARP is the Troubled Asset Relief Program – the formal name of the government’s financial bailout program passed in October 2008.

CBO said that the cost of TARP “stems largely from assistance to American International Group (AIG), aid to the automotive industry, and grant programs aimed at avoiding home mortgage foreclosures,” noting that the losses will be so large they will eclipse the financial gains the government will realize from bailing out other large financial institutions.

In fact, CBO reported that as of now $65 billion in TARP funds remain outstanding.

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