The government's controversial $700 billion bailout program has earned taxpayers some $35 billion in income over the last two years.

The Associated Press reported that income from the Troubled Asset Relief Program, or TARP rose nearly 17 percent through November, compared to where it stood in October.

The government's continuing sales of Citigroup stock gave the profits a boost.

The Treasury Department sold off the last of its stake in the giant banking company Tuesday, gaining a profit of $12 billion on the government's investment of $45 billion.

Republicans took advantage of voter unhappiness with the bailout and soaring federal budget deficits by picking up six Senate seats in the November elections and take control of the House.