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ABC News’ Matthew Jaffe reports: The Obama administration plans to spend nearly $70 billion in bailout funds in the next year, according to an internal Treasury Department document.
The funds will come from the Troubled Asset Relief Program, which the administration recently extended from its planned expiration date at the end of December until October of next year.
The largest chunk of the administration’s $68 billion in anticipated future commitments is $40 billion set aside for consumer and small business lending. Of the $40 billion, $30 billion will be used to bolster lending to small companies. $10 billion will help boost consumer loans through the Federal Reserve’s Term Asset-Backed Securities Loan Facility, known as the TALF.
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