Govt to lose just 20 percent of auto bailout funds
Wednesday, June 1, 2011
WASHINGTON (AP) -- The Obama administration says the government will lose less than 20 percent of the $80 billion used to bail out the U.S. automobile industry.
In a report released Wednesday, the president's National Economic Council says the losses are less than the administration originally expected. The report says the Treasury Department first thought the government would lose about 60 percent of the taxpayer funds.
The White House is touting the revitalization of the U.S. auto industry amid news that Chrysler is repaying its $5.9 billion in U.S. loans and a $1.7 billion loan from the Canadian government.
Obama will visit a Chrysler plant in Ohio Friday to tout highlight the company's success. The administration says the auto bailout saved the industry from the brink of disaster.