The Obama administration is preparing to move General Motors into bankruptcy as early as next week under the terms of a plan that would give GM tens of billions of dollars more in government financing, the Washington Post reported.
Under the GM draft bankruptcy plan, the automaker would receive just under $30 billion in additional federal loans, a source told the Post, which would up the government's overall investment in the company to nearly $45 billion.
GM is one more step toward officially becoming a baliout failure for Obama. The writing has been on the wall for months here, here, and here. Why is Obama determined to throw good money after to fail?