GM supposedly paid back $6.7 billion of its bailout loan yesterday.
The White House busily spun it as a success:
First thing this morning, Press Secretary Robert Gibbs alerted his 56,000 followers on Twitter of “BIG NEWS.”:”GM pays back US $6.7 billion used to save jobs,” Gibbs exulted. But he had more.
“BIGGER NEWS,” he trumpeted. “Payment was 5 years ahead of schedule.”
But as usual with this President, the perception was NOTHING LIKE THE REALITY.
What really happened?
GM borrowed $6.7 billion from TARP (the financial bailout fund) and gave it to government as payment on their bailout loan.
I think you can pretty much assume that if Robert Gibbs or Barack Obama are speaking, they are lying. The only question is at what rate.