As the severity of the crisis became clearer in 2008, the Bush administration and Congress created the ________, which was authorized with funding up to $700 billion to be used to shore up banks and stimulate the provision of credit to borrowers.

Question

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The Troubled Asset Relief Program (TARP) was created in 2008 by the Bush administration and Congress to provide funding up to $700 billion to shore up banks and stimulate the provision of credit to borrowers during the financial crisis. The Making Homes Affordable Program and Making Work Pay Program were also created during the Obama administration, but they were not part of the initial response to the financial crisis in 2008. The Affirmative Action Program has also been in existence since the 1960s and is not related to the financial crisis or TARP.

As the Severity of the Crisis Became Clearer in 2008