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House Approves Carmaker Bailout

HeadlineDec 11, 2008

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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