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Detroit Gets Access to Bailout Funds
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| Contributor | Jason |
| Last Edited | Jason Dec 13, 2008 12:40am |
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| Category | News |
| Media | Newspaper - Wall Street Journal |
| News Date | Saturday, December 13, 2008 06:00:00 AM UTC0:0 |
| Description | WASHINGTON -- Throwing a lifeline to Detroit's ailing automakers, the White House reversed course Friday and said it would consider using the $700 billion financial-rescue plan to avert a bankruptcy of the Big Three that could deepen the U.S. recession.
The announcement came hours after negotiations collapsed in Congress over a compromise bailout plan fiercely opposed by Senate Republicans. That package would have set up $14 billion in loans to the companies and a government-run restructuring process. |
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