The auto bailout just hit America's wallet about 15% more than expected. In its monthly report to Congress, the Treasury Department tacked another $3.3 billion onto the expected auto bailout losses, bringing the estimate to $25.1 billion lost on the $85 billion rescue. And the Detroit News warns that the number could tick higher. That's because the report's estimate ran through May 31, and things have gotten slightly gloomier since then.
GM's stock price, at $22.20 a share at May's end, closed at $20.47 yesterday. By the News' calculations, that would mean another $850 million loss on the GM bailout. To recoup its entire bailout of GM, the government would need to sell its 500 million shares in the company for more than double that price: $53 a share. The bailout loss estimate has been a bit of a rollercoaster: Though the White House's initial projection was that losses would hit $44 billion, in May 2011 the Treasury had pegged expected losses at $13.9 billion. (Read more auto bailout stories.)