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Taxpayers Taking Bigger Hit on GM Bailout

Total rises to $11.2 billion after accounting error.

by on Apr.30, 2014

The government bailout of General Motors is going to cost taxpayers $11.2 billion: $826 million more than originally expected.

U.S. taxpayers are taking a bigger loss on the General Motors bailout package than $10.3 billion originally reported. Due to an accounting error, the loss is actually $11.2 billion, according to a report released today.

The Treasury Department reported an $826-million administrative claim had been written off on March 20. However, the claim, which has not been revealed, cannot be written off.

In the Know!

The figure surfaced in a report by the Office of the Special Inspector General for the Troubled Asset Relief Program, which was charged with overseeing the federal government’s economic stimulus program. (more…)