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    Big Stories , World

Taxpayers lose $25 billion on Obama Bush auto bailout and cost may rise in future

Picture thanks to <a href="http://luckybogey.wordpress.com/">Luck Bogey</a>

Picture thanks to Luck Bogey

Taxpayers aren’t happy over the results of the auto bailout started under George Bush in 2008 and continued by Obama.

Taxpayers may be on the hook for over $25 billion as General Motors stock price flounders on the market.

The U.S. treasury hoped to break even on the deal, but that now looks to be impossible if fortunes don’t change for GM and Chrysler.

GM’s stock price would need to jump to $53 for the government to break even. The stock currently sits at $20.61.

GOP presidential candidate Mitt Romney opposed the rescue effort in 2008 and ’09 – but has since claimed that he helped set the framework that helped GM and Chrysler successfully emerge from bankruptcy.

President Obama has stated that allowing the car companies to go bankrupt would have been costlier in the long term.

A Treasury spokesman, Matt Anderson, continued to defend the bailout this week, insisting, “The auto industry rescue helped save more than 1 million jobs throughout our nation’s industrial heartland and is expected to cost far less than many had feared during the height of the crisis.”

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