$84 Billion Down The Rathole

Success! Obama style.

Over one year after  the promises President Obama and his administration made about the auto bailout, a February piece on AutoBlog also confirms that GM will also get a $14 billion dollar domestic tax break:

GM will be able to skip its tax tab due to years of massive losses. Companies are typically forgiven a portion of future taxes due to their past losses, but that benefit is typically stripped after an organization goes through bankruptcy.

However, the Obama administration and its allies presently continue to celebrate the success of the auto bailout, regardless of the facts.  "I don’t think there’s any doubt that this was a success," said (H/T Detroit News) acting assistant secretary at the Treasury Department Tim Massad, who oversees the TARP program at Treasury, to a House panel on Wednesday. 

In Obama's world, success mean taxpayers only lost as much as $84 billion.