US Government Moves to Aid Automakers
From the Washington Post: With the nation's automotive industry hemorrhaging cash,
congressional leaders called on the Bush administration yesterday to
offer government assistance to the car companies as part of the Treasury Department's $700 billion emergency rescue program.
The call came one day after General Motors, the nation's largest auto manufacturer, announced another multibillion dollar loss for the third quarter and said it was running out of money fast. Ford, the second-biggest car company, also reported heavy losses. Unless the government steps in, analysts warned, GM could face bankruptcy, endangering the livelihoods of about 100,000 North American autoworkers and hundreds of thousands of others whose jobs depend on the industry.







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