Another $7.5 billion bailout to the former financing arm of GM, bringing total taxpayer bailout for the company to about $12 billion. You know, because we were wondering what we’d do with all of that extra money we had lying about.

If I haven’t made this clear already, I never want to hear about the financial cost of the war in Iraq from anyone ever again. $1.5 trillion for climate change, $2 trillion for health care, a $700 billion stimulus package, $3 trillion+ budget, $400 billion omnibus bill, and hundreds of billions for mortgage. But $600 billion over 6 years for a war that ditched a murderous tyrant, established an allied democracy, and freed millions of innocent oppressed people  is somehow outrageous.

The deal is expected to close on Thursday and comes two weeks after federal regulators concluded from a stress test on GMAC that it needed an additional $11.5 billion in capital to weather a severe downturn in the economy.

GMAC continues to provide crucial financing for car sales by General Motors, and Treasury officials recognized that its survival was essential to the government’s broader attempt to rescue and restructure the automobile giant, according to the individuals who were briefed on the discussions and who spoke only on the condition that they not be identified…

GMAC received $5 billion in federal bailout money in December.

So not only are we handing over more money to the financing company, but this bailout is actually billions of dollars larger than the last one. At the same time that unemployment is projected to reach over 10%, Americans are losing their homes, the deficit in skyrocketing, and we’re borrowing 50 cents for every dollar we spend. Craptastic.