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VOL. 127 | NO. 56 | Wednesday, March 21, 2012

Fed Cuts Estimate of 2011 Payment to Government

AP

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WASHINGTON (AP) – The Federal Reserve is slightly cutting its estimate of how much it paid the federal government in 2011. But the bank says the payment is still the second biggest in the nation's history.

The Fed said Tuesday that it paid the federal government $75.4 billion last year. That's down from January's preliminary estimate of $76.9 billion.

The money comes from earnings on investments the central bank made to bolster the U.S. economy.

The payment is down from an all-time record of $79.3 billion made in 2010. The decline partly reflects lower earnings that the Fed made from its support for insurance giant American International Group.

The Fed began buying Treasury bonds and mortgage-backed securities during the recession and 2008 financial crisis to try to lower long-term interest rates.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 91 158 16,219
MORTGAGES 98 179 18,735
FORECLOSURE NOTICES 13 36 2,497
BUILDING PERMITS 136 349 33,738
BANKRUPTCIES 63 115 10,429
BUSINESS LICENSES 30 47 5,350
UTILITY CONNECTIONS 24 53 6,326
MARRIAGE LICENSES 19 52 3,563