Bailout Watch 46: "The Odds Against Automakers and Suppliers Getting Federal Low-interest Loans Just Got Worse"
So proclaimeth our good friends at Automotive News. They report that “The director of the Congressional Budget Office says the cost to taxpayers of a $25 billion loan program probably would be about $7.5 billion — about twice earlier estimates… Worsening credit conditions mean 30 percent of the loan total may be needed.” Like that’s going to make a difference. But the way GM’s spinmeister handled the news is revealing, in the usual denial is a river in Africa sort of way. “General Motors spokesman Greg Martin said today that the budget office director’s observation is not a formal cost estimate. ‘We know we have our work cut out for us,’ Martin said.” Yeah, getting Uncle Sam to get the tit out can be such a hassle.