Geithner: Bank payback $25 billion over next year
Treasury Secretary Timothy Geithner projects financial institutions will repay $25 billion of their government rescue funds over the coming year.
In prepared testimony for the Senate Banking Committee, Geithner says the money will be used to further assist institutions in need of government help. Some critics want paybacks to return to government coffers.
With that amount, Geithner says, the government should have nearly $124 billion remaining in the $700 financial bailout fund that Congress approved last fall.
Geithner says that money will be used to further capitalize banks and to assist the auto industry. The federal government is now providing financial aid to Chrysler and General Motors.