Stuck With The Bill: U.S. Taxpayers May Lose $16 Billion On Auto Bailout

The White House said today that U.S. taxpayers probably will not recover around $16 billion of the money given to the auto industry while it was being bailed out during 2008 and 2009. General Motors GM and Chrysler Group were among the largest recipients of the bailout, as $80 billion in total was given to the industry to help it turn itself around. The White House released the report, "The Resurgence of the American Automotive Industry," ahead of President Obama's trip Friday to a Chrysler facility in Toledo, Ohio. According to the report, 60% of the $80 billion was projected to be lost just two years ago. Of the $16 billion, more than $10 billion would be lost in GM if the government were to sell shares at current prices. Since GM emerged from Chapter 11 and went public back in November, shares have fallen some 10%, and are down nearly 4% today as the broader market sells off hard. In addition to GM and Chrysler receiving money, auto finance companies and parts suppliers also received money.