GM Repaid TARP Loans With TARP Money, Republican Senator Says

Friday, April 23, 2010
By Susan Jones, Senior Editor


Sen. Charles Grassley (R-Iowa)

(CNSNews.com) – A Republican senator is questioning General Motors’ claim that it has repaid its taxpayer-funded loans in full.

Senator Chuck Grassley is asking Treasury Secretary Tim Geithner to justify those claims. According to the Iowa Republican, GM has repaid its TARP (taxpayer-funded bailout) loans using other TARP funds.

The automaker – which is 61 percent owned by the U.S. and 12 percent owned by Canada -- announced on Wednesday that has fully repaid the $6.7-billion in loans it received from the U.S. and Canadian governments.

“GM is able to repay the taxpayers in full, with interest, ahead of schedule, because more customers are buying vehicles like the Chevrolet Malibu and Buick LaCrosse we build here in Fairfax,â€