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Congress Moves Closer to Auto Rescue Deal
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Issue
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| Contributor | Jason |
| Last Edited | Jason Dec 08, 2008 04:27pm |
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| Category | News |
| Media | Newspaper - Wall Street Journal |
| News Date | Monday, December 8, 2008 10:00:00 PM UTC0:0 |
| Description | Congress moved closer to a deal that would provide $15 billion in rescue financing for the Big Three U.S. auto makers and give the federal government equity stakes in the companies.
The package, made more urgent by Friday's report of deep job losses in November, would be aimed at keeping the companies afloat until a longer-term approach could be cobbled out by the new administration and Congress. Loans would be made from a program created last year to help the companies invest in cleaner car technology and would extend for seven years. The government in turn would take equity stakes equal to 20% of the value of the loans. |
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