Behind Administration Spin: Bailout Still $123 Billion in the Red

The administration has been on a PR offensive in recent months to tell the good news about the TARP. As the Treasury Department official in charge of the TARP said at a congressional hearing yesterday, the bailout won't cost anywhere near the full $700 billion Congress authorized. In fact, many of its investments have turned a profit, and some of its most infamous bailouts -- such as the rescue of AIG -- won't end up being the tax dollar black holes [3] they once seemed sure to be.

But the true picture isn't so rosy.

ProPublica has provided a comprehensive bailout database since TARP's launch. It shows not only how much money has gone to each recipient, but how much each has paid in interest and dividend payments. With all this data, they are able to clearly show how deep in the hole the program remains. And the answer as of today is $123 billion.

Add that to the bailout of Fannie Mae and Freddie Mac -- which the site also tracks and is separate from the TARP -- and taxpayers are $257 billion in the hole.