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Report: Federal government lost 11.2-billion dollars on General Motors


The General Motors world headquarters is seen in downtown Detroit, Michigan in this May 31, 2009 file photo. REUTERS/Rebecca Cook
The General Motors world headquarters is seen in downtown Detroit, Michigan in this May 31, 2009 file photo. REUTERS/Rebecca Cook

WASHINGTON, D.C. (WKZO) -- A new report from the federal government shows Washington lost 11.2-billion dollars bailing out General Motors, up from an original estimate of 10.3-billion.

The increase comes after the Treasury Department found where an 826-million dollar administrative claim had been written off in March tied to the bailout. The government sold its last shares in the automaker in December.

Presidents Bush and Obama bailed out GM to the tune of over 50-billion dollars in aid in 2008 and 2009.

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