Did GM Really Pay Back Those Federal Loans?

Congressman Paul Ryan takes a lok at the matter which might prove these claims untrue depending on how you look at it.

Over the past few years the American auto company, General Motors, has been in a crisis due to both the downturn of the American economy and poor executive leadership. Congress realized that General Motors collapsing would be another crushing blow to the American worker and passed the TARP bill to approve federal funding to make sure GM and major companies like it don't have to close their doors.

Overall, GM has received $50 BILLION in federal funding from the TARP bill. Of that $50 BILLON, $6.7 BILLON was a federal loan and $13.4 BILLON was part of an escrow account that GM could tap into if need be.

So how did GM manage to payback that $6.7 BILLON so quickly you might ask?

They used money from the $13.4 BILLON escrow account to repay their $6.7 BILLON federal "loan", essential using one debt source to pay another or borrowing more money from the American people to payback the money it already owes.

And that ladies and gentleman is how we get the fine commercials you see below.

When Congressman Rep. Paul Ryan (R-Wisc.), Reps. Jeb Hensarling (R-Texas), and Scott Garrett (R-N.J.) contacted the Treasury department who dispersed the funds about the issue, they responded as with the following statement:
"Treasury has never suggested that the loan repayment represented a full return of all government assistance."

Is GM pulling the wool over the American peoples eyes with their new commercial? Are they misleading the American public? Sound off below.