Although there has been much news lately stating that the United States auto industry is booming, the price tag from the auto industry bailout that kept them from ruin is reaching $25 billion dollars and may even continue rising.
During the depths of the financial crisis, the U.S. government spent some $85 billion to rescue Chrysler, GM, and a few of their suppliers, in order to prevent the two large automakers from imploding. According to the latest U.S. Treasury report, taxpayers will now lose $25.1 billion on those auto bailouts. That’s $3.3 billion more than previously estimated. And it’s not even the final price. So how costly could the bailout get, anyway? Continue Reading