On The Money

GM: Recalls cost $1.3 billion

General Motors said Thursday that its recall of more than two million of its vehicles is expected to cost $1.3 billion. 

The company made the announcement as it said it was adding another fix to its prior recalls of the ignition switch and power steering mechanism of its older models like the Chevrolet Cobalt and Saturn Ion. 

GM has come under fire from lawmakers and regulators for allegedly delaying an issue of the recalls on purpose for cars that are in some cases as old as a decade because it did not want to pay for repairs.