The White House said Wednesday that taxpayers could lose roughly $14 billion of the money spent on auto industry bailouts, despite the industry's recent recovery.
The White House cites the potential losses in a report, "The Resurgence of the American Automotive Industry," released ahead of President Barack Obama's trip Friday to a Chrysler Group LLC facility in Toledo, Ohio.
The report said that of the $80 billion in bailout money for the industry, less than 20%, or $16 billion, may be lost. That's down from the 60% loss projected two years ago, the report said. The White House's top auto and manufacturing adviser, Ron Bloom, later specified the loss at closer to $14 billion.
While "there is no joy" in acknowledging that loss, the bailout succeeded in saving jobs and preventing a broader industry collapse, Mr. Bloom said.
http://online.wsj.com/article/SB10001424052702303745304576359530678869402.html?mod=rss_whats_news_us
No problem, Obama will just continue to tax and spend what little we have left.
The White House cites the potential losses in a report, "The Resurgence of the American Automotive Industry," released ahead of President Barack Obama's trip Friday to a Chrysler Group LLC facility in Toledo, Ohio.
The report said that of the $80 billion in bailout money for the industry, less than 20%, or $16 billion, may be lost. That's down from the 60% loss projected two years ago, the report said. The White House's top auto and manufacturing adviser, Ron Bloom, later specified the loss at closer to $14 billion.
While "there is no joy" in acknowledging that loss, the bailout succeeded in saving jobs and preventing a broader industry collapse, Mr. Bloom said.
http://online.wsj.com/article/SB10001424052702303745304576359530678869402.html?mod=rss_whats_news_us
No problem, Obama will just continue to tax and spend what little we have left.
