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Washington Could Take Stake in Auto Firms

HeadlineDec 09, 2008

Congressional Democrats and the White House are close to settling on a plan to rush $15 billion in emergency loans to the Detroit automakers. Under the proposal, the Treasury Department would cut checks for the car companies as soon as next week. The plan also calls for President Bush to name a “car czar” to manage a vast restructuring of the firms and restore them to profitability. The Detroit Free Press reports the deal could grant Washington a majority stake in either General Motors or Chrysler.

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