Geithner set to testify on bailout program

Treasury Secretary Timothy Geithner will testify Tuesday on Capitol Hill on the federal government's bailout of financial institutions. 

The Congressional Oversight Panel, created to oversee how Troubled Asset Relief Program (TARP) funds are spent, is meeting at 10 a.m. Tuesday. 

The Treasury Department on Friday announced that repayments to the TARP have for the first time surpassed the total amount of TARP funds that remain outstanding. 

The most recent report from Treasury shows that TARP repayments have hit $194 billion, exceeding the outstanding funds of $190 billion.

Treasury's sale of 1.5 billion shares of Citi stock that provided gross proceeds of $6.18 billion helped surpass the outstanding balance. Treasury expects additional sales of Citi stock to bring in additional cash. 

So far, taxpayers also have received $23 billion from dividends, interest and other income through TARP.