General Motors laid out a plan in bankruptcy court Thursday that includes an Initial Public Offering of stock next year. When the troubled automaker comes out of bankruptcy this month or next, the federal government will be the majority owner. According to the Wall Street Journal, the plan envisions the government ending its ownership position no later than 2018. That’s a lot longer timetable than most Americans are thinking about.

Rasmussen Reports national polling has found that 80% want the government to sell its stake as soon as possible, and 64% favor a proposal that would force the government to sell the auto company within a year. Even in Michigan where the troubled auto giant is headquartered, 69% want the government to get out of auto company ownership as soon as possible.

A plurality (42%) favors giving the GM stock directly to the American people rather than selling it to private investors.

But while wanting government ownership to end, the American people have low expectations. Just 33% say it’s even somewhat likely that the federal government will ever get back the bailout money provided to GM. A solid plurality expect the quality of GM cars to get worse with the government as the majority owner of the company. Only 42% of those who currently own a GM car now say they are even somewhat likely to buy a GM product for their next car.

GM sales were down more than expected in June while Ford reported an unexpected surge in demand, which highlights another of our findings: Public opinion of Ford, the only one of the Big Three automakers not seeking a government bailout, has gone up, while views of GM and Chrysler have suffered. Most Americans think Ford is more likely to survive than GM or Chrysler, despite the expectation that the government will take steps to give the bailed-out companies an edge over its Big Three competitor.

As part of GM’s ongoing structured bankruptcy, the federal government is expected to take at least a 60% ownership stake in the company in exchange for the $50 billion bailout and the forgiveness of over $20 billion in taxpayer-backed loans it has already received. The balance of the company will be owned by labor unions and the Canadian government. Just 26% of adults say that deal was a good idea, and 17% say Americans should protest the bailout by boycotting GM.

Voters have consistently opposed a government bailout for GM since it was first proposed late last year.

Just 18% think the government will do a good job running GM.

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