It's Official: Taxpayers Lost $16.6 Billion On The Auto Bailout

In his 2014 end of the year press conference, President Obama claimed that, "effectively today, our rescue of the auto industry is officially over. We've now repaid taxpayers every dime and more of what my administration committed." (emphasis added)

And it is true: if you look at only the new money the Obama administration spent bailing out General Motors, Chrysler, and Ally Financial, taxpayers did get back "every dime" of that cash.

But that completely ignores the $17.4 billion President Bush promised General Motors and Chrysler in December 2008....