Monthly Budget Review, January 2009: Based on the Monthly Treasury Statement for November and the Daily Treasury Statements for December.
fiscal year 2009, $378 billion higher than in the same period last year. That figure includes estimated net outlays of $245 billion for the Troubled Asset Relief Program (TARP). Although the Treasury is recording most spending for TARP on a cash basis, CBO believes that the budget should record the programs equity investments on a net present value basis adjusted for market risk, as specified in the Emergency Economic Stabilization Act of 2008. Using that approach, CBO estimates that outlays of $64 billion should be recorded for TARP through December, resulting in a deficit of $303 billion for the first quarter of fiscal year 2009.”
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