Watch LIVE

Obama says motor co.'s repaid their loans; not quite

News

That 17 minute campaign video for President Barack Obama's reelection contains a claim oft repeated by Obama: The government bailouts of GM and Chrysler have been repaid.

PolitiFact finds that the statement is only half fact. A lot of the money was quite possibly lost for good in the reorganization and bankruptcy of both motor companies.

[O]f $80 billion spent by taxpayers on the entire bailout, we’re still waiting on nearly $40 billion, a number confirmed by the Treasury Department. At some point, selling taxpayers’ stock in GM and GMAC may earn back a chunk of the rest. But all of it? The story’s not over yet.
Most recent
All Articles