us auto bailout cost keeps rising
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

US auto bailout cost keeps rising

Arab Today, arab today

Arab Today, arab today US auto bailout cost keeps rising

Washington - AFP

The 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. The US government rescued General Motors and Chrysler at the height of the financial crisis, pouring $80 billion into the two. Both have since graduated from the program, and are making solid profits on reasonably strong auto sales. But the Treasury continues to prop up GM\'s former financing arm, now dubbed Ally Financial, which lost $898 million in the second quarter mainly due to the bankruptcy of its home mortgage arm, forced by its huge book of defaulted home loans. A year ago, when hopes were that the economy was solidly recovering and the housing market might turn around, the Treasury was projecting losses on the industry bailout of just $14.3 billion. Treasury spokesman Matt Anderson defended the bailout as having had a broader impact on reviving the overall economy. \"The auto industry rescue helped save more than one 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,\" he told AFP.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us auto bailout cost keeps rising us auto bailout cost keeps rising

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us auto bailout cost keeps rising us auto bailout cost keeps rising

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 16:03 2017 Thursday ,21 December

US hits Myanmar general in new global rights sanctions
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday