The Treasury revised the losses on TARP to $89 billion.

The March budget deficit was $65.4 billion.

The Wall Street Journal claims the TARP costs include Fannie Mae and Freddie Mac. That's simply not true, Fannie and Freddie received a separate, unlimited bail out. The last loss projection was $400 billion dollars. If one notices, Freddie Mac and Fannie Mae are woefully absent in any financial reform legislation as well.

In terms of the budget deficit, Mark Zandi of Moody's:

Mark Zandi, chief economist of Moody's Analytics, said roughly one-third of the increase in the deficits over the past two years came from lost revenue. That reflected fewer people working and lower corporate profits.

He said another one-third came from the increased government spending that occurs automatically in a downturn. It includes higher payments for unemployment benefits and food stamps.

The final one-third reflected the increased government spending from the economic stimulus bill and the $700 billion financial bailout fund.

The CBO deficit estimates are $714 billion for the first half of Fiscal 2010. (This CBO link is the report being cited in the press)

The federal government incurred a budget deficit of $714 billion in the first half of fiscal year 2010, CBO estimates in its latest monthly budget review, about $67 billion less than the shortfall recorded in the same period last year. That improvement stems largely from a net decline of $223 billion in outlays for the Troubled Asset Relief Program (TARP), from $115 billion in outlays in the first six months of last year to net receipts (that is, negative outlays) of $109 billion so far this year. The amount this year is negative because the Treasury is expected to report a reduction of $114 billion in outlays for that program in March, reflecting a significant decline in its estimate of the net costs that will ultimately result from that program’s transactions. Also contributing to the smaller deficit so far this year was a $69 billion decline in spending for federal deposit insurance, reflecting in part the prepayments by financial institutions of future years’ assessments.