Report: Bailouts could cost U.S. $23 trillion

From a disturbing report by Eamon Javers in Politico about Barack Obama and Congressional Democrats leading the U.S. to economic suicide:

A series of bailouts, bank rescues and other economic lifelines could end up costing the federal government as much as $23 trillion, the U.S. government’s watchdog over the effort says – a staggering amount that is nearly double the nation’s entire economic output for a year.

If the feds end up spending that amount, it could be more than the federal government has spent on any single effort in American history.

For the government to be on the hook for the total amount, worst-case scenarios would have to come to pass in a variety of federal programs, which is unlikely, says Neil Barofsky, the special inspector general for the government’s financial bailout programs, in testimony prepared for delivery to the House oversight committee Tuesday.

The Treasury Department says less than $2 trillion has been spent so far.

Read the full story at POLITICO and call your representatives in Congress and tell them they will be out of a job in 2010 if they continue to follow Obama over a cliff.