The New Media Journal | Obama Administration to Slash Bailout Cost Estimate, Reroute Funds: "The Obama administration will lose $200 billion less than expected from the federal bailout program and is looking at using part of the savings to fund new job creation efforts.
A Treasury official said Sunday that the administration now believes the cost of the financial rescue program will be at least $200 billion below the $341 billion estimate it made in August.
The official, who spoke on condition of anonymity because the administration's new projection has not been released, said the lower estimate reflected faster repayments by big banks and less spending on some of the rescue programs as the financial sector recovered from its free fall more quickly than the administration originally expected.
The administration had made the $341 billion estimate as part of its midsession budget review released in August.
The official said the new estimate will become part of the administration's new budget — meaning it at least some of the savings will be used to reduce the government's projected deficit — which President Barack Obama will present to Congress in February."
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