How much did the auto bailout cost?

Back when General Motors and Chrysler faced bankruptcy during the Great Recession, Presidents George W. Bush and Barack Obama pumped billions into a rescue of the auto industry. That bailout ultimately cost the public about $12 billion when everything was settled and loans repaid.

How much did the GM bailout cost taxpayers?

$11.2 Billion
General Motors Bailout Cost Taxpayers $11.2 Billion The U.S. government spent $49.5 billion to bail out GM, and after the company’s bankruptcy in 2009, the government’s investment was converted to a 61 percent equity stake in the company.

Did GM pay back its bailout money?

In total, GM received $52 billion from the U.S. government, but only $6.7 billion of this amount was considered a loan. The company already paid back $2 billion, so this $4.7 billion is the last payment.

Did Chrysler pay back the bailout?

Chrysler: repaid $9.2 billion, fulfilling its debt obligations to the U.S. and Canadian governments, and is now owned by Italian automaker Fiat (58.5%) and a health care trust for UAW retirees (41.5%). Overall, taxpayers lost $1.3 billion on the Chrysler bailout.

How much did the auto bailout cost America?

For one thing, the U.S. recovered all but about $9 billion of the auto bailout money. “It felt like economic Armageddon. We were losing millions of jobs,” he said.

Did Obama bailout the Detroit carmakers?

Obama did up the bailout ante that President Bush started in 2008. And Detroit carmakers are doing better these days. In May, GM announced a $1 billion profit in Q1 2012, and Chrysler announced bigger-than-expected profit for the first three months of the year.

Did the two carmakers deserve the $80 billion needed to bail out?

There was a real question about whether the two carmakers deserved the $80 billion needed to bail them out. Despite a 40% nosedive in sales and some 3 million jobs at risk, officials were balking after they had approved unparalleled bailouts of top financial firms.

How did the TARP bailout affect the United Auto Workers?

In exchange for the TARP bailout, the companies and the United Autoworkers were forced to accept concessions and restructure. The companies reduced management ranks and executive pay; closed more than a dozen assembly plants; cut production capacity and discontinued brands; and reduced labor costs for current workers and retirees.