President Barack Obama said on Thursday that “we got back every dime we used to rescue the financial system.”
According to the Congressional Budget Office, however, the government will lose about $24 billion on the bailout.
“We got back every dime we used to rescue the financial system, but we also passed a historic law to end taxpayer-funded Wall Street bailouts for good,” Obama said in Miami Thursday.
The Congressional Budget Office–based on figures from Obama’s own Office of Management and Budget—gives a different assessment.
“The cost to the federal government of the TARP’s transactions (also referred to as the subsidy cost), including grants for mortgage programs that have not yet been made, will amount to $24 billion,” said the CBO report, which was released on the same day Obama spoke.