TARP will be extended into 2010

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Treasury Secretary Timothy Geithner plans to tell Congress that the Obama administration will extend the $700 billion financial-rescue program until next October.

While the Troubled Asset Relief Program expires Dec. 31, Geithner can extend it by notifying Congress.

A letter notifying Congress of the extension could come as soon as today, Bloomberg.com reports.

The Obama administration has emphasized that the program may also be used to aid homeowners and small companies.

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