CBO: Bank Bailout Cost Taxpayers $25 Billion

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The Congressional Budget Office says the 2008 bank bailout won't cost taxpayers as much as they previously thought.

The Bush administration pushed through the $700 billion Troubled Asset Relief Program (TARP) to help rescue struggling banks.

The CBO says the program will ultimately cost taxpayers only $25 billion.

"Clearly, it was not apparent when the TARP was created two years ago that the cost would turn out to be this low," the CBO said in its report.

The budget office says the lower cost is the result of stock repurchases by bailout recipients as well as less funds than anticipated going to automakers and insurance giant AIG.

The bailout did not come without a political cost. Sen. Bob Bennett, R-Utah, and other Democrats lost their seats this year due to their support of the program.

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