Taxpayers' Auto Bailout a 'Slow Motion Train Wreck'

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Taxpayers are continuing to lose money from the auto industry bailout given to General Motors by the Obama administration.

A recent drop in GM stock prices means the government will lose $25 billion on the bailout.

The Obama administration spent $80 billion to dig GM and Ally Financial, the company's former finance arm, out of its debt. But so far, the government has only been paid back $37 billion.

Currently, the government owns 500 million shares of General Motors stock. But the stock price dropped 15 percent between late February and May, costing taxpayers another $3.3 billion.

The Obama administration still touts the auto bailout as a success, saying the move saved more than a million jobs and helped create 250,000 more auto industry jobs.

"I believe in this American industry, and now the American auto industry has come roaring back and GM is No. 1 again," President Obama has said. "So now, I want to do the same thing with manufacturing jobs not just in the auto industry, but in every industry."

Seton Motley, president of Less Government, called the auto bailout a "nightmare" and "slow motion train wreck."

Motley spoke more about the auto bailout and other Obama administration policies on CBN Newswatch, Aug. 14.  Click play for his comments.

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