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Panel: U.S. won't recoup auto bailout

General Motors closed it's showroom inside the Renaissance Center, the site of GM's Global Headquarters in downtown Detroit, as it filed for bankruptcy protection on June 01, 2009. (UPI Photo/Mark Cowan)
General Motors closed it's showroom inside the Renaissance Center, the site of GM's Global Headquarters in downtown Detroit, as it filed for bankruptcy protection on June 01, 2009. (UPI Photo/Mark Cowan) | License Photo

WASHINGTON, Sept. 9 (UPI) -- A congressional committee monitoring the U.S. financial firm bailout said it was unlikely the government would recoup its investment in the auto industry.

A 216-page report released Wednesday by the Congressional Oversight Panel said more than half the $10.5 billion Chrysler owes the government was "highly unlikely" to be repaid, The Washington Post reported.

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The $50 billion investment in General Motors Co., is also unlikely to be returned in full as it would require GM's stock value to reach record heights, the report said.

Panel member Rep. Jeb Hensarling, R-Texas, said he did "not concur" with the report's findings, citing the auto bailout as unfair to other taxpayers.

"By making such an unprecedented investment in Chrysler and GM the administration by definition chose not to assist other Americans who are in need," Hensarling wrote. "The government clearly picked winners and losers."

GM said in a statement Tuesday that it was "confident that we will repay our nation's support because we are a company with less debt, a stronger balance sheet, a winning product portfolio and the right size to match today's market realities."

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