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December 11, 2008

House Approves Carmaker Bailout
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On Capitol Hill, the House has approved a White House-backed deal for a
bailout of the auto industry. The plan would authorize $15 billion in
emergency loans to car companies as early as next week. In return, the
companies would face a spring deadline to cut costs, restructure debt
and renegotiate workers’ benefits. President Bush would also appoint a
“car czar” to oversee the process. The auto bailout now goes before the
Senate, where it’s expected to face Republican opposition.



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