I'm not an economist, but this is how I understand it. GM paid back it's debt in full, but it paid most of it back in stock. The US government has sold some of it, so it's gotten about half of it's bailout back in cash. But, it still has a ton of GM stock. It's selling the stock slowly to avoid disrupting the market.

That being said, the government needs to sell at something like $75/share to make their money back, but it's at $33 as I write this.

Source: http://www.fool.com/investing/general/2013/05/09/when-will-g...