Yesterday CNS News reported that despite President Obama’s statement on Thursday that “we got back every dime we used to rescue the financial system,” the Congressional Budget Office (CBO) has stated that the government will lose about $24 billion on the bailout.

On Thursday, President Obama stated, “We got back every dime we used to rescue the financial system, but we also passed a historic law to end taxpayer-funded Wall Street bailouts for good.”

The article reports the CBO’s statement:

“The cost to the federal government of the TARP’s transactions (also referred to as the subsidy cost), including grants for mortgage programs that have not yet been made, will amount to $24 billion,” said the CBO report, which was released on the same day Obama spoke.

…CBO said that the cost of TARP “stems largely from assistance to American International Group (AIG), aid to the automotive industry, and grant programs aimed at avoiding home mortgage foreclosures,” noting that the losses will be so large they will eclipse the financial gains the government will realize from bailing out other large financial institutions.

It really is time to tell the truth about how American taxpayer money is spent and to rein in the budget.