Remember, Obama overflowing with hope says, “we have nothing to fear, but…catastrophe!”
The $9.7 trillion in pledges would be enough to send a $1,430 check to every man, woman and child alive in the world. It’s 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office data, and is 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 and pledged up to $5.7 trillion more.
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.
By the way, this is what ONE billion dollars looks like…when it’s only comprised of Ben Franks.
UPDATE: GatewayPundit links to the new CBO, which projects the recession to be over before 9/10ths of the money actually gets used…meaning only 1/10th is for this year…much of it is for Obama’s re-election in 2012.
UPDATE: NRO’s Corner shows how the bill has grown from when it was just a wee-lil baby ($56Bil) last September.