Congressional Oversight Panel report says most of the $23 billion initially provided to General Motors Corp

Taxpayers Face Heavy Losses on Auto Bailout

By Editor Wednesday, September 9, 2009
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WASHINGTON - Taxpayers face losses on a significant portion of the $81 billion in government aid provided to the auto industry, an oversight panel said in a report to be released Wednesday.

The Congressional Oversight Panel did not provide an estimate of the projected loss in its latest monthly report on the $700 billion Troubled Asset Relief Program. But it said most of the $23 billion initially provided to General Motors Corp. and Chrysler LLC late last year is unlikely to be repaid.

“I think they drove a very hard bargain,â€