The Obama administration has poured nearly $80 billion into the domestic automakers, their financial institutions and suppliers, but the President’s auto task force says both General Motors and Chrysler are cut off from additional federal funds.
The President’s auto task force went before the Senate Banking, Housing and Urban Affairs Committee earlier this week, facing law makers for the first time. “We strongly believe this is the last money that GM will require. I cannot make a promise about the future but I can assure you that it has been a vigorously debated and thought about question,” Ron Bloom, a senior adviser to the task force, told the committee.
Bloom also said there is a “reasonable probability†that the U.S. taxpayers will recoup their investments in GM and Chrysler , according to the Associated Press. However, when latter pressed about repayment, Bloom added “by no means would I say I am highly confident that that would occur.â€
Chrysler successfully emerged from Chapter 11 protection earlier this month after filing for bankruptcy on April 30th. GM is currently under Chapter 11 protection, but could emerge as early as August 1st.
