While Obama Wants to Repeat Its “Success” in Other Industries, Auto Bailout Cost Keeps Rising

0 Posted by - August 14, 2012 - Career & Business, Economics, Money

 While Obama Wants to Repeat Its Success in Other Industries, Auto Bailout Cost Keeps RisingThe US Treasury raised its estimate of the net cost to US taxpayers of rescuing the country’s auto industry by $3.3 billion, as the weak economy restrains the industry’s rebound.

The Treasury told Congress in a new report seen on its website Monday that the cost of the government’s massive bailout of Detroit in the economic crisis of 2007-2008 would hit $25 billion, based on figures to May 31.

That compared a forecast loss of $21.7 billion based on figures to February 29, according to Treasury data.

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