Automakers Steal $30B From Obama’s Jobs Programby Brad Warbiany
Now it’s the automakers. Too bad nobody predicted that throwing money into these fine well-run American corporations could have been a bad deal!
The Obama administration will tell Congress Wednesday that it expects to lose about $30 billion of the $82 billion government bailout of the auto industry.
Gene Sperling, senior counsel to Treasury Secretary Timothy Geithner, confirmed in an interview late today that the administration’s forecast is that it will lose $30 billion on its auto investments
Or, as I like to say, that’s $30B that the automakers stole from Obama’s jobs program.
But there’s good news!
“The real news is the projected loss came down to $30 billion from $44 billion,” Sperling said, noting that auto sales have improved ahead of what many analysts had forecast. The administration still holds out hope that if things improve, the administration could still recover more.
Well, at least that’s $14B more for Obama to put into his jobs program! He’s just finding money everywhere!