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US car manufacturers plead for $25bn bailout
Wednesday, 19 November 2008
The three biggest car manufacturers in the United States have pleaded with Congress to approve a $25bn bailout plan to save their companies from collapse.
General Motors, Chrysler and Ford have warned the Senate Banking Committee that their firms are on the brink of disaster and millions of jobs are at risk around the world.
The collapse of these companies would be a huge blow to the US economy, but a rescue plan appears unlikely.
Republicans and the Bush administration are opposed to dipping into the Treasury Department's $700bn financial bailout fund to save the car industry.
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