Auto bailout's estimated cost to taxpayers: $19 billion
January 13th, 2011
12:23 PM ET
4 years ago

Auto bailout's estimated cost to taxpayers: $19 billion

New York (CNNMoney) - A Congressional oversight panel says that a "starkly improved" outlook for the auto industry has reduced the likely taxpayer loss on the bailout by more than half to about $19 billion.

The previous estimate from the panel was that taxpayers would lose $40 billion of the $81.3 billion given to the automakers and their finance arms from the Troubled Asset Relief Program.

FULL STORY

Filed under: Auto Bailout
soundoff (12 Responses)
  1. Dominican mama 4 Obama

    Thankiing our President,once again, for saving my job. This piece of news is good news indeed.
    It appears that well thought-out, researched decisions,with input from well-known economists AND businessmen have netted postive results in keeping our nation moving forward.
    We might not be recovering as fast as some amnesiacs would like, but the growth is steady and solid.

    January 13, 2011 12:27 pm at 12:27 pm |
  2. Phil in KC

    Bailouts are never a desirable course of action. In this case, though, it was necessary. The economic repecussions of a failed US auto industry would have been felt around the world. It would have turned the "Great Recession" into another "Great Depression". I don't think people understand the impacts the auto industry has on our economy. In the end, $19B might be a bargain.

    January 13, 2011 12:34 pm at 12:34 pm |
  3. MPeters

    25% of investment loss, to how many Millions of American jobs saved? Just sayin...How're those apples now, lawmakers who opposed such a "bailout" (ITS A LOAN!)?

    January 13, 2011 12:38 pm at 12:38 pm |
  4. James

    Not to mention that GM is a thriving company now, the pace of recovery has been remarkable. Their contribution to the economy over the next few years will easily exceed this expenditure.

    January 13, 2011 12:44 pm at 12:44 pm |
  5. vic nashville tn

    If we didn’t bail out the American car company they would have sold to foreign car maker jobs would have gone to overseas

    So far good news from Detroit and estate mate loss 40 billion now we may loss 19 billion

    So thanks to our president for look after American car companies and jobs

    January 13, 2011 12:45 pm at 12:45 pm |
  6. one voice

    This proves that action was the right move. The name sayers wanted to let them fail and unemployment would be over 20%by now. Thank You President Obama for all you do for the Average Americans.

    January 13, 2011 12:48 pm at 12:48 pm |
  7. Dominican mama 4 Obama

    Just from my little corner of the world a quick view at what industries/business are TIGHTLY linked to the auto industry:
    Dealerships, parts manufacturers, rental car companies (they use them at high-end dealerships for loaners), tire vendors, tire manufacturers, body shops, warranty companies, insurance companies, car wash companies, companies that sell tools to mechanics, the companies that make them. And on, and on...

    The auto industry's collapse would've taken us under for a REALLY LONG TIME if not straight into Second Depression mode.

    We're like an octopus with tentacles everywhere.

    January 13, 2011 12:59 pm at 12:59 pm |
  8. kat

    If the Automakers would scrap the Unions, they could have made it without taxpayer bailouts... I say let them stand on their own morals or go down.

    January 13, 2011 01:03 pm at 1:03 pm |
  9. Uh Oh!!

    Well done Mr. President and the dem congress that was in power when this happened. Notice how things are shifting in the positive direction repubs and that he doesn't have a "the sky is falling mentality." It's call patience and it took a little time. It took Obama 2 years and the guess who was in power in the house at that time the dems. DEMS WIN this one well done!!

    January 13, 2011 01:13 pm at 1:13 pm |
  10. If We All Agree to Be Civil In Our Discourse . . .

    Will Rush be out of work?

    January 13, 2011 01:18 pm at 1:18 pm |
  11. bob

    This was the right move. Congrats to our great President.

    January 13, 2011 01:45 pm at 1:45 pm |
  12. fayse

    This is good news. It proves the old adage that you have to spend money to make money. I hope that more Americans will support the American made automobiles.

    January 13, 2011 01:56 pm at 1:56 pm |