Geithner announces 10-month extension of TARP

12/10/2009 | CNNMoney

Treasury Secretary Timothy Geithner said Wednesday that the $700 billion Troubled Asset Relief Program would be extended for another 10 months. The program will, however, be scaled back and focused on stopping foreclosures, making loans to small businesses and bolstering credit markets. "We must not waver in our resolve to ensure the stability of the financial system and to support the nascent recovery that the administration and the Congress have worked so hard to achieve," Geithner wrote in a letter to congressional leaders.

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