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Obama: “We Got Back Every Dime” Back From Financial Bailout — Budget Office: “No”

Obama addressing group at University of Miami
(Photo by John W. Adkisson/Getty Images)

Apparently Obama’s own financial authorities don’t agree with him.

Last Thursday, while at a campaign stop at the University of Miami, President Barack Obama claimed “we got back every dime of the money we used to rescue the financial system.”

According to the Congressional Budget Office (CBO) that’s not quite true.

The same day Obama spoke those words, the CBO released reports that indicated a pending $24 billion loss for the government!  The CBO said the cost of the Troubled Asset Relief Program contains grants from mortgage programs that haven’t been made yet, and that will set the feds back billions.

CBO went on to say the money given to AIG (American International Group), as well as the auto industry (GM), plus other programs, will offset any financial gains. CBO said this week $65 billion in TARP funds are considered “outstanding,” or not repaid.

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