White House says confident of recouping all GM funds

WASHINGTON (Reuters) - The White House said on Thursday it was confident the government would recoup all the funds it had invested in General Motors to help the car maker through its financial troubles.

White House spokesman Robert Gibbs spoke a day after GM finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the U.S. Treasury to a minority shareholder.

“The IPO, I think, is going to begin doing a couple of things,” Gibbs said. “One, reduce our stake in General Motors as a company, and as we move forward, begin to recoup the money that we invested in saving those jobs throughout the Midwest.”

Asked whether he was confident all taxpayer money would be recovered, Gibbs said: “Yes.”

“First and foremost, you’ve seen pretty strong sales figures (from GM), which I think are encouraging,” he said.

Reporting by Matt Spetalnick; Editing by Doina Chiacu