Geithner says government will extend TARP though October

Treasury Secretary Timothy Geithner told congressional leaders that the Troubled Asset Relief Program will continue until October. The move allows the Obama administration to use unspent TARP money for other initiatives, including job creation, improved access to credit for small businesses and more help for homeowners facing foreclosure. Geithner said shutting down programs intended to deal with the economic crisis too soon could unnecessarily prolong the downturn. "It is imperative that we maintain this capacity to respond if financial conditions worsen and threaten our economy," he said.

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