No New Funds Needed for the SUN Program!

The $700 billion required for the SUN Program should be taken from unspent and/or unallocated funds in the following areas (as of 8-12-09); NO NEW FUNDS need to be committed to this initiative.

1. TARP (Troubled Asset Relief Program)
• $700 billion committed
• $372 billion spent
• $328 billion unspent
2. American Recovery and Reinvestment Act of 2009 Stimulus Package
• $787 billion committed
• $197 billion allocated
• Only $73 billion spent
• $704 billion unspent; $590 billion unallocated
3. Federal Reserve Rescue Efforts
• $1.3 trillion committed and spent
• $800 billion in excess reserves are available at the banks above their capital requirement. Banks are holding onto these excess funds in anticipation of additional deterioration in the residential mortgage market, a pending credit card crisis, and a pending commercial real estate crisis.

In fact, if the SUN Plan is implemented quickly enough, it is likely that significant portions of the funds committed to the rescue and recovery efforts above may not need to be spent at all.