US Treasury extends bailout program to Oct 2010
US Treasury Secretary Timothy Geithner on Wednesday moved to extend the government's $700 billion bailout fund into October 2010, but pledged to deploy no more than $550 billion of it.
Geithner, in letters to US House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, said the extension of the Troubled Asset Relief Program (TARP) until Oct 3, 2010, would allow the Obama administration to use bailout funds to fight home foreclosures and boost small business lending.
"This extension is necessary to assist American families and stabilize financial markets because it will, among other things, enable us to continue to implement programs that address housing markets and the needs of small businesses, and to maintain the capacity to respond to unforeseen threats," Geithner said in the letters.
Source : Reuters