bail out will cost more to taxpayers. It is a black hole. By the time banks are saved, taxpayers are in deep debt and the country will be in BK.
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WASHINGTON (AP) -- Bailing out the financial sector will cost taxpayers $167 billion more than originally anticipated, according to a Congressional Budget Office estimate.
The original figure in January was $189 billion, but it is now $356 billion -- $152 billion more for 2009 and $15 billion more next year, the CBO says in its March report updating the budget and economic outlook.
The CBO raised its projection because yields have increased on securities issued by the bailed-out financial institutions under the $700 billion Troubled Asset Relief Program.
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http://finance.yahoo.com/news/Estimate-says-bailout-will-apf-14851536.html
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