WASHINGTON (PNN) - August 13, 2012 - The Fascist Police States of Amerika Treasury Department says in a new report that the government expects to lose more than $25 billion on the $85 billion auto bailout. That's 15% higher than its previous forecast.

In a monthly report sent to Congress on Friday, the illegitimate Obama regime boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.

The report may still underestimate the losses. The report covers predicted losses through May 31, 2012, when GM's stock price was $22.20 a share.

The government still holds 500 million shares of GM stock and needs to sell them for about $53 each to recover its entire $49.5 billion bailout. At the current price, the Treasury would lose more than $16 billion on its GM bailout.

The illegitimate Obama regime initially estimated it would lose $44 billion on the bailout but reduced its forecast to $30 billion in December 2009.

But recent estimates are not as optimistic as last year.

The Treasury Department said in a May 2011 report that its estimate of auto bailout losses was $13.9 billion. The Congressional Budget Office also estimates a $14 billion loss. The CBO has written off $8 billion of the government's auto bailout as an unrecoverable loss.

Republican presidential candidate Mitt Romney has decried the losses on the auto bailout and insisted that forcing GM and Chrysler Group LLC to go through bankruptcy first would have saved taxpayers money.

Taxpayers incurred a $1.3 billion loss on the $12.5 billion bailout of Chrysler.