Govt to lose just 20 percent of auto bailout funds
WASHINGTON - June 1, 2011 (WPVI) -- 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.
washington, ohio, president barack obama, chrysler, business/finance
- Police: NJ mom drives van into river with 3 kids
- Freeze Warning overnight
- Get the 6abc StormTracker app
- WATCH: Action News Online
- Delco man missing after leaving medical facility
- Puppy poisoned in Mantua, New Jersey
- Lehigh University suspends frat in vandalism case
- All-clear given after Liberty H.S. lockdown
- Ferry sinks off South Korea; hundreds still missing
- Mom sought after daughter, 11, shot and killed
- Chestnut Hill College student found dead
- Wawa celebrates 50th birthday with big gifts
- Photos: Wawa celebrates 50 years
- Voorhees police need help identifying this man