The Treasury Department dramatically boosted its estimate of losses from its $85 billion auto industry bailout by more than $9 billion . . ..
In its monthly report to Congress, the Treasury Department now says it expects to lose $23.6 billion, up from its previous estimate of $14.33 billion.
The Treasury now pegs the cost of the bailout of GM, Chrysler Group LLC and the auto finance companies at $79.6 billion. ...
[For TARP t]he government now expects to lose $57.33 billion, including the full cost of the housing program, up from $36.7 billion. The new estimate means the government doesn't believe it will make an overall profit on its bailouts.
In other words, the bailouts were a failure, and the taxpayers got stuck with the bill. But you already knew that.
