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Report: GM to Enter Bankruptcy

HeadlineMay 22, 2009

Back in the United States, the Washington Post is reporting the Obama administration plans to steer General Motors into bankruptcy as early as next week. The move would enable GM to take out nearly $30 billion in additional government loans. Meanwhile, the government has increased the bailout of GM’s financing arm, GMAC, with an additional $7.5 billion in taxpayer money on top of the $5 billion it’s already poured in.

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