Timeline of the Auto Bailout
Now that the bailout is back in the news and being touted as an Obama victory, we thought an auto bailout refresher might be in order. Here's a timeline of major events and monies paid:
TARP Passage
The Senate voted Oct. 1, 2008 to pass a revised version of the TARP bill (HR 1424) and the House voted Oct. 3, 2008 to clear the measure.
Stimulus Passage
The House approved the $862 billion stimulus package on Feb. 13, 2009. The Senate also approved the measure on Feb. 13.
NOTE: In February 2009, the CBO estimated that the American Recovery and Reinvestment Act would increase budget deficits by a total of $787 billion between fiscal years 2009 and 2019. In January 2010, the CBO released a new budget outlook in which they updated their projections for the stimulus bill. CBO now anticipates that the ARRA will increase deficits by $862 billion between 2009 and 2019. $862 billion is the total cost of the 2009 stimulus bill.
The Biggest Parts of the Auto Bailouts
Dec. 19, 2008 - The U.S. announces a $17.4 billion lifeline to Detroit car makers from the $700 billion Troubled Asset Relief (TARP) program. GM is to receive $13.4 billion and Chrysler $4 billion.
June 1, 2009 - GM files for bankruptcy. After GM filed for bankruptcy, Treasury provided GM with $30.1 billion of debtor in possession financing.
Federal Aid to Auto Industry
December 2008
GMAC (owned by Cerberus Capital and GM): $5.9
General Motors: $13.4
January 2009
Chrysler Holding (owned by Cerberus Capital): $4.0
Chrysler Financial Services (owned by Cerberus Capital): $1.5
April 2009
General Motors: $2.0
Chrysler Holding Warranty Program: $0.3
GM Supplier Receivables: $2.5
Chrysler Receivables: $1.0
May 2009
Chrysler: $1.9
General Motors: $4.0
General Motors Warranty Program: $0.4
GMAC: $7.5
New Chrysler: $4.6
June 2009
General Motors: $30.0
December 2009
GMAC: $3.8
