American International Group ( AIG) has now borrowed $70.3 billion from the government in three weeks and is in a race against time to sell assets to pay off the loan, the Wall Street Journal reports.

The fall in financial markets is making it harder for the insurer to find buyers for its units, the Journal reports. The government originally said it would loan the company $85 billion but raised the amount to $122.8 billion on Wednesday.

The bulk of the Fed's original loan has gone for two things: providing collateral to AIG's trading partners on credit default swaps, and covering losses in AIG's securities-lending program. When the threat of losses from the lending program mounted, the Fed had to step in again this week, the Journal reports.

The Federal Reserve on Wednesday agreed to provide AIG with a loan of up to $37.8 billion, in addition to the loan the government made to the insurer in September to help it avoid bankruptcy.

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This article was written by a staff member of TheStreet.com.

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