US Auto bailout rejected
Out of context: Reply #26
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http://www.politico.com/news/sto…
The White House, stung by its loss in the Senate and the prospect of falling markets, opened the door Friday to possibly using Treasury financial market rescue funds to prop up the auto industry until a new Congress convenes in January.
“Under normal economic conditions we would prefer that markets determine the ultimate fate of private firms,” the administration said in a statement. “However, given the current weakened state of the U.S. economy, we will consider other options if necessary – including use of the TARP program — to prevent a collapse of troubled automakers.
“A precipitous collapse of this industry would have a severe impact on our economy, and it would be irresponsible to further weaken and destabilize our economy at this time.”
- New Congress will have less Republicans...so it will probably pass thenukit