Congressman Tom Price (R-GA) today commented on a report from the Federal Housing Finance Agency that the taxpayer bailout of Fannie Mae and Freddie Mac could cost an additional $215 billion over the next three years. This would bring the total cost of the bailout for just these two entities to $363 billion.

“The Democrats’ claim to have ended all the bailouts was just proven wrong once again,” said Congressman Price. “Even with hundreds of billions of taxpayer dollars at stake, the so-called financial reform bill enacted into law this year did absolutely nothing about Fannie and Freddie. While House Republicans formulated a plan to get these failed financial giants off the taxpayer dole, the majority chose to do nothing.

“Lately, some have argued that the bailouts are actually making money. This is laughable on its face. According to the agency that regulates them, bailing out just Fannie and Freddie could cost more than half of the entire $700 billion TARP. This startling sum doesn’t even count the money spent on the bailouts of GM, Chrysler, and AIG.

“Americans should never again be forced to hand over their tax dollars so that other people can escape the consequences of their own mistakes.”