Skip to comments.U.S. Treasury increases auto bailout cost estimate
Posted on 08/14/2012 10:13:01 AM PDT by MNJohnnie
WASHINGTON (Reuters) - The U.S. Treasury Department has said the auto industry bailout will cost taxpayers $3.4 billion more than previously thought.
Treasury now estimates the 2009 bailout will eventually cost the government $25.1 billion, according to a report sent to Congress on Friday.
That is up from the last quarterly estimate of $21.7 billion.
Since the $80 billion bailout of the auto industry, Detroit's big automakers have moved from crisis to profit. GM and Chrysler were put through government-funded bankruptcies that slashed costs and debt.
Treasury has so far recouped about half of what was extended in grants and loans to GM and Chrysler, related retail financing arms and suppliers. Some of the money was repaid in cash, while the remaining interest was tied up in equity shares held by the government.
(Excerpt) Read more at cnbc.com ...
I’m sure Mrs. Blabbermouth Shultz has a very good reason as to why it is the Republicans in Congress fault.
And he wants to do it to all manufacturing!
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