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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.

H/T/ JM