Call us naive but we don't think it is payback when it is a "transfer of $6.7 billion from one taxpayer-funded bailout account to another" and don't understand some media members are lauding GM. How many more times will GM pay back the Government in full according to their media arm by shifting money from one account to another?
Transcript: You may have read reports from the Obama Administration or seen ads on TV claiming that General Motors has fully paid back what it owes you the American taxpayer.
These claims struck me as odd and misleading. The federal government still owns over 60% of this auto company. This so-called repayment is actually a transfer of $6.7 billion from one taxpayer-funded bailout account to another.
As this is your money, I think you deserve some clarity on this shell game. My colleagues Congressmen Jeb Hensarling, Scott Garrett and I have asked Treasury Secretary Tim Geithner to provide an updated, accurate, and honest account of the taxpayer money that is still propping up General Motors.
If anyone is owed a clear and honest explanation it is those hit hardest by the downturn in the auto industry, including those I serve in Janesville, Kenosha, Oak Creek and the surrounding communities in Southern Wisconsin.
It is time to put an end to the crony capitalism in Washington.