The Treasury Department says it has provided General Motors Corp. with another $2 billion in federal loans as the giant automaker struggles to restructure.
The Treasury said that the payment was made to GM on Wednesday and provides working capital to the company.
This comes after many stories have come out that has the new GM CEO saying that bankruptcy is "more probable". We are just delaying the inevitable. In fact, the GM CEO said that it is even "more probable than it was in the past."
Why are we throwing more of our taxpayer money into a company that their own CEO doesn't believe will recover without bankruptcy? It doesn't make any sense at all. What happened to cutting out things that doesn't work? Obama is dropping the ball big time on this.