The White House said Wednesday that taxpayers may never recover about $16 billion of the bailout money extended to the auto industry in 2008 and 2009, in a new report designed to tout the industry’s turnaround from wide-scale bankruptcies.
The White House released the report, “The Resurgence of the American Automotive Industry,” 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.
Full story: Government may lose $16 billion on auto bailout