The US Treasury Department expects that the Troubled Asset Relief Program will cost $200 billion less than earlier estimated.
Government had approved $700 billion under the TARP to bail-out financial institutions at the peak of the financial crisis in 2008.
The Obama administration had estimated that the TARP would cost the taxpayer $341 billion, but now it said that it could cut the estimated cost of TARP by $200 billion.
As per new estimates, TARP will cost $141 billion at the most over the next ten years.
Lenders have already returned government loans worth $71 billion, while Bank of America Corp. has announced recently that it wanted to repay $45 billion government loan, which would push the figure to $116 billion.
As much as $175 billion are expected to be repaid by banks by the end of 2010.
- Bitcoin investors call for protection after collapse of two major Bitcoin platforms
- South Yorkshire cottage has been crashed into by 40 cars over last 14 years
- Doctors to Reconstruct People's Faces with Stem Cells from their Fat
- $10 Urine Test is Twice as Accurate as Existing Tests for Prostate Cancer Diagnosis
- People Shorter in height May be Short of Intellect too: Study