Description

The Troubled Asset Relief Program:
Report on Transactions Through
December 31, 2008

This is the first of CBO’s statutory reports on the TARP’s transactions. Through December 31, 2008, those trans-actions totaled $247 billion. Valuing those assets using procedures similar to those specified in the Federal Credit Reform Act (FCRA), but adjusting for market risk as specified in the EESA, CBO estimates that the subsidy cost of those transactions (broadly speaking, the differ ence between what the Treasury paid for the investments or lent to the firms and the market value of those transactions) amounts to $64 billion.