WKYT | Lexington, Kentucky | News

Administration to slash bailout cost estimate

WASHINGTON (AP) - A Treasury official says the Obama administration plans to cut its estimate of the projected costs of the government bailout program by more than $200 billion.

The official says the administration now believes the cost of the program would be at least $200 billion below the $341 billion estimate it made in August.

The official spoke on condition of anonymity because the administration's new projection has not been presented to Congress. He says the reduced cost estimate reflected faster repayments by big banks and less spending on some of the programs.

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