Obama Floats $50 Billion Automaker Bailout
Posted on November 13, 2008 at 11:30 AM EST
So much for one president at a time. Bloomberg reports President-Elect Obama is urging lawmakers to rush through a $50 billion bailout for the struggling U.S. automakers. With no formal executive power until January Obama is asking Democratic friends in the House and Senate to get their Republican counterparts behind a rescue plan. Any plan would also require the support of President Bush according to Bloomberg.Also at issue is whether the money would come from TARP -- essentially depleting the first $350 billion installment of bailout funds -- or from fresh legislation. General Motors' (GM) situation is particularly dire as ...
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