Govt to lose $14B of auto bailout funds

[OntarioVanMan]

WASHINGTON – The Obama administration said Wednesday that the government will lose about $14 billion in taxpayer funds from the bailout of the U.S. auto industry, a third of the loss officials had initially estimated.

In a report from the president's National Economic Council, officials said that figure is down from the 60 percent the Treasury Department originally estimated the government would lose following its $80 billion bailout of Chrysler and General Motors in 2009.

The report's release coincides with the administration's efforts to tout the bailout's role in the revitalization of the U.S. auto industry after last week's announcement that Chrysler is repaying $5.9 billion in U.S. loans and a $1.7 billion loan from the Canadian government. Those payments cover most of the federal bailout money that saved the company after it nearly ran out of cash in and went through a government-led bankruptcy.

Govt to lose $14B of auto bailout funds - Yahoo! News

 

[danthewolf00]

part of that whole deal should have been to move factorys back to the U.S.A

 

[chefdennis]

This is nothing but laughable....They try and tell the people that all is good, when they are losing money. They will never get back to their pre-bk employment numbers and they're sales continue to decline...yea its all good and barry and turbo timmy saved the country...right...

GM Auto Sales Down 1.2% in May

GM Auto Sales Down 1.2% in May

Oh yea, Chysler was up 10%...including fiat overseas and over the yr that had last yr...which was garbage...

And Dan, if they forced them to close their overseas plants, their profut centers would be gone...they wouldn't have been able to even make it 6 months here after bush and barry hand fed them the taxpayer backed bailout without the money they make overseas...why do you think they are opening new factories in mexico and overseas....

The only people that made out on the bailout were barrys union buddies, and not even all of them....

 

[greg334]

Well what is not being said is Chrysler and GM are both paying back loans by using grants and loans from the EPA and the Department of Energy.

ALSO if you have bought a post bankrupt GM or Chrysler product, you have nothing to complain about, you benefited from the losses the tax payers have incurred.

 

[OntarioVanMan]

Well what is not being said is Chrysler and GM are both paying back loans by using grants and loans from the EPA and the Department of Energy.

ALSO if you have bought a post bankrupt GM or Chrysler product, you have nothing to complain about, you benefited from the losses the tax payers have incurred.

Well then..Thank you taxpayers...whom ever they maybe...

Funny kind of.....most good expediters don't pay any taxes..and here we complain about it....