Did George Bush bailout the auto industry?

The Troubled Asset Relief Program (TARP) was a United States government program passed by Congress in October 2008 at the nadir of the financial crisis. The purpose of the program was to purchase illiquid assets and equity from financial institutions and other companies in order to recapitalize them amid a severe credit crunch. The United States Department of the Treasury oversaw TARP's implementation. The Emergency Economic Stabilization Act of 2008, under Section 105, authorized the Secretary of the Treasury to spend up to $700 billion acquiring a variety of troubled assets from banks and other financial institutions. The program has been extended and modified several times, most notably through the American Recovery and Reinvestment Act of 2009.

The automotive industry was one of the major recipients of TARP funds, with three automakers receiving a combined $80 billion in assistance to weather the financial crisis. General Motors received $49.5 billion, Chrysler $13.4 billion, and GMAC $17.4 billion. The loans were made under various terms and conditions, and the government imposed strict restrictions on how the funds could be used. The loans were eventually repaid in full, with interest, by all three companies.

Some argue that the auto industry bailout was a success because it saved the U.S. economy from a deeper recession and preserved millions of jobs. Others argue that the bailout was a waste of taxpayer money and that the government should not have intervened in the free market. The bailout of the automotive industry remains a controversial and complex issue with a variety of arguments for and against it.

In addition to the automotive industry, TARP funds were also used to provide assistance to a wide range of other industries and financial institutions, including banks, insurance companies, and mortgage lenders. The total cost of TARP to taxpayers is estimated to be approximately $439 billion.