The White House wants the nation's largest financial institutions to repay taxpayers for the costs of bailing out banks and automakers.
Under the proposal, the largest 50 banks -- including GMAC Inc. -- would pay $90 billion over 10 years to cover taxpayer losses under the $700 billion Troubled Asset Relief Program.
Despite receiving bailout money, General Motors Co. and Chrysler Group LLC would not be required to pay new taxes; the banks would repay taxpayers for the anticipated $30.4 billion loss on the $86 billion auto bailout.
"My commitment is to recover every single dime the American people are owed," President Barack Obama said today. "And my determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at the very firms who owe their continued existence to the American people, who have not been made whole, and who continue to face real hardship in this recession."
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