Wednesday, September 9, 2009

Taxpayers Face Heavy Losses on Auto Bailout

Taxpayers Face Heavy Losses on Auto Bailout - Political News -

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.

OUCH! This is going to continue to hurt the US. I cannot honestly see how our taxes will not be raised. With the debt piling up, our economy will continue to suffer.

Posted using ShareThis

No comments:

Post a Comment