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U.S. Government Loses $1.3 Billion After Selling Chrysler Shares

July 23, 2011 by  

The government will lose more than $1 billion on the Chrysler bailout.The U.S. government has sold its shares in Chrysler to Italian automaker Fiat SpA, according to Fox News. The news source reports that this sale has resulted in the government losing an estimated $1.3 billion in taxpayer dollars.

After receiving $12.5 billion to prevent bankruptcy in 2009, Chrysler has repaid $11.2 billion, according to the media outlet. However, the government does not expect to recover the remaining $1.3 billion, reports The New York Times.

Although some Congressional leaders approve of the deal, Representative Darrell Issa (R-Calif.) told Fox News that he was upset at the loss of taxpayer money.

“It is unfathomable that Italian automaker Fiat and its subsidiary Chrysler got away with repaying less than the full amount borrowed from the U.S. government,” Issa told the news agency.

A recent report from the White House National Economic Council indicates that the government will lose an estimated $14 billion from the bailout of the auto industry, according to The New York Times. The newspaper reports that the government is also expected to begin selling its remaining 26 percent of General Motors, even though the sale will most likely result in an additional loss of revenue.

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