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We Have a Bailout
Perhaps driving to the Capitol worked. The New York Times reports that Democratic congressional leaders agreed to a short-term bailout for the Big Three. No details yet, but the paper quotes aides saying the plan “would include billions of dollars in short-term loans to keep the automakers afloat at least until President-elect Barack Obama takes office.” Moreover, “the money would likely come from $25 billion in federally subsidized loans intended for developing advanced fuel efficient cars.” Democrats had wanted President Bush or the Fed to provide the money, rather than tapping into those funds.
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