$700 Billion Bank Bailout Extended Until 2010

The administration announced it’s extending the $700 billion financial bailout program until next fall. The Treasury said it’s important to hold onto money and have it available in case any new catasrophes slam our financial system:

“As we wind down many of the government programs launched initially to address the crisis, it is imperative that we maintain this capacity to respond if financial conditions worsen and threaten our economy,” Treasury Secretary Timothy Geithner wrote in a letter to Congress.

Geithner Extends $700 Billion Bailout Program Until October [Bloomberg]