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The Campaign Spot

Election-driven news and views . . . by Jim Geraghty.

Obama’s Auto Bailout Promise Reaches Its Expiration Date



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Politico, May 14:

President Barack Obama and his allies in two big industrial unions appear poised to make the auto bailout — begun under President George W. Bush in 2008 — a central issue of the 2012 campaign. With General Motors back on its feet — it announced $2 billion in new investments at 18 GM plants Tuesday — and losses from the government’s intervention shaping up to be minimal, Democrats hope to punish Republican presidential candidates for their early opposition.

The news, today: “WASHINGTON – The Obama administration said Wednesday that the government will lose about $14 billion in taxpayer funds from the bailout of the U.S. auto industry.”

Taxpayers spent only $14 billion to get GM to make $2 billion in new investments! Yay!

Also note this comment from the president, which he has probably forgotten, or that he hopes everyone else will forget:

President Obama, July 29, 2010: “We are going to get all the money back that we invested in those car companies.”

As I may have mentioned a time or two, all statements from Barack Obama come with an expiration date. All of them.


Tags: Barack Obama


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