Obama Administration Projects $30 Billion Loss From Auto Bailout

The Obama administration will tell Congress Wednesday that it expects to lose about $30 billion of the $82 billion government bailout of the auto industry, two administration officials familiar with the report said today.

The estimate -- the first public accounting of losses connected to the rescue of General Motors and Chrysler -- is in line with what the Government Accountability Office, the Troubled Asset Relief Congressional Oversight Panel and former auto czar Steve Rattner have suggested.

But it is lower than previous internal administration estimates.

The Treasury Department has loaned $50 billion to General Motors, and swapped all but $6.7 billion of it for a 61 percent majority stake in the automaker. In order for taxpayers to be repaid fully, GM's stock would have to be worth far more than current estimates when the company goes public as early as next year.



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