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Monday, December 09, 2019 {{ new Date().getDay() }}

Last fall, right after the midterm elections, it looked like the Obama Administration’s decision to bail out General Motors wasn’t just necessary, but also profitable: The company’s first public offering made the American taxpayer a cool $13.5 billion, and the price of the newly available stock was supposed to rise to $40 or $50 per share from the opening price of $33.

But the stock is still hovering around $30 per share, and The Wall Street Journal is reporting that G.M. is pushing for an immediate sale of the government’s remaining 27% stake in the company. “Taxpayers would lose about $12 billion on the GM rescue, a bigger loss than the $7 billion they would face if shares rose to the $40 level that some analysts had expected,” wrote the Journal‘s Sharon Terlep.

The White House, however, is trying to hold off until August or September, hoping that G.M.’s next set of quarterly numbers will boost the stock. Ron Bloom, who runs manufacturing policy for the administration, is appearing before Congress to talk about the implications of the auto bailout and defend the current plan. “Treasury has a clear path to exit its remaining investment,” he is planning to say, according to prepared remarks published on the Oversight and Government Reform Committee official site.

His conclusion drives home the argument that the administration is not especially thrilled to own a car company, but will hold out until it can get taxpayers a good deal. “The government remains a reluctant shareholder and intends to dispose of its investment as soon as practicable, with the dual goals of achieving financial stability and maximizing returns to taxpayers,” he said.

Donald Trump in El Paso

Official White House Photo by Shealah Craighead

The city of El Paso, Texas, announced on Tuesday that it had hired a law firm to collect on $569,204 it is still owed by Donald Trump's presidential campaign for costs associated with a February 2019 rally.

"A lot of us have been concerned about this outstanding invoice, about the amount of money that is owed to us by the Trump campaign," said local Rep. Peter Svarzbein said during a city council meeting.

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