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Financial Rescue Nears GDP as Pledges Top $12.8 Trillion (Update1)

By Mark Pittman and Bob Ivry

March 31 (Bloomberg) -- The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.

New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.

The following table details how the Fed and the government have committed the money on behalf of American taxpayers over the past 20 months, according to data compiled by Bloomberg.

===========================================================
                             --- Amounts (Billions)---
                              Limit          Current
===========================================================
Total             $12,798.14  $4,169.71
-----------------------------------------------------------
 Federal Reserve Total   $7,765.64  $1,678.71
Primary Credit Discount           $110.74        $61.31
Secondary Credit                    $0.19         $1.00
Primary dealer and others         $147.00        $20.18
ABCP Liquidity                    $152.11         $6.85
AIG Credit                         $60.00        $43.19
Net Portfolio CP Funding        $1,800.00       $241.31
Maiden Lane (Bear Stearns)         $29.50        $28.82
Maiden Lane II  (AIG)              $22.50        $18.54
Maiden Lane III (AIG)              $30.00        $24.04
Term Securities Lending           $250.00        $88.55
Term Auction Facility             $900.00       $468.59
Securities lending overnight       $10.00         $4.41
Term Asset-Backed Loan Facility   $900.00         $4.71
Currency Swaps/Other Assets       $606.00       $377.87
MMIFF                             $540.00         $0.00
GSE Debt Purchases                $600.00        $50.39
GSE Mortgage-Backed Securities  $1,000.00       $236.16
Citigroup Bailout Fed Portion     $220.40         $0.00
Bank of America Bailout            $87.20         $0.00
Commitment to Buy Treasuries      $300.00         $7.50
-----------------------------------------------------------
FDIC Total             $2,038.50     $357.50
Public-Private Investment*       $500.00          0.00
FDIC Liquidity Guarantees      $1,400.00       $316.50
GE                               $126.00        $41.00
Citigroup Bailout FDIC            $10.00         $0.00
Bank of America Bailout FDIC       $2.50         $0.00
-----------------------------------------------------------
Treasury Total          $2,694.00   $1,833.50
TARP                              $700.00       $599.50
Tax Break for Banks                $29.00        $29.00
Stimulus Package (Bush)           $168.00       $168.00
Stimulus II (Obama)               $787.00       $787.00
Treasury Exchange Stabilization    $50.00        $50.00
Student Loan Purchases             $60.00         $0.00
Support for Fannie/Freddie        $400.00       $200.00
Line of Credit for FDIC*          $500.00         $0.00
-----------------------------------------------------------
HUD Total                 $300.00    $300.00
Hope for Homeowners FHA           $300.00       $300.00
-----------------------------------------------------------
The FDIC’s commitment to guarantee lending under the
Legacy Loan Program and the Legacy Asset Program includes a $500
billion line of credit from the U.S. Treasury.