Where does The TARP Money Go?

I am amazed and pleased to see that the financial institutions who took the TARP money are paying it back, with interest. The moment I saw the executive pay restrictions added to the loans, I knew that they would somehow magically find a way to pay back the money real soon. Lo and behold, here comes Bank of America ready to wire the money back. But, my question is, where does that money go when it gets repaid? I was listening carefully to the President yesterday as he spoke in Allentown, PA and was answering questions from the town hall audience. When talking about the TARP money he said that we might be surprised that it didn't take all of the money approved to have the program work and that the money being repaid would, after an ahem, "go back to pay off deficits". He said this at 12:25PM EST on 12/4. So, I expect that is what happens, or does it? When Bank of America wires over their $45B next week, we should expect that all of that money will go back and be sent out to some creditor to buy down the debt? Well, not really, he said that it would go back to pay off the deficit, not debt. The deficit is the amount that we keep racking up every year beyond our budget, so the TARP monies will go back into some general account fund to be spent on something else that is over spent. I find it depressing to think that the monies that come from each of us with our hard-earned tax dollars, just continue to fall back into a bucket filled with holes. Just once it would be nice to see someone take the accountability for the use of our money and when something does go right, that it can turn into something better, versus just funding more of the same...