Bailout rejection plunges US car industry into crisis

US car giants General Motors and Chrysler could run out of cash within weeks after the Senate rejected a $13bn (€10bn) bailout to rescue the automobile industry.

Bailout rejection plunges US car industry into crisis
Fri, 12 Dec, 2008 - 14:33

US car giants General Motors and Chrysler could run out of cash within weeks after the Senate rejected a $13bn (€10bn) bailout to rescue the automobile industry.

The defeat late last night happened after talks broke down over the refusal of the United Auto Workers union to meet Republican demands for aggressive wage reductions.

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CourtsBusinessHeathrowPlace: USPlace: AsiaPlace: EuropePlace: Wall StreetPlace: Lansing, MichiganPlace: DetroitPlace: CapitolPerson: BushPerson: Virg BerneroPerson: Senator Carl LevinPerson: House SpeakerPerson: Nancy PelosiPerson: President George BushPerson: president-elect Barack ObamaOrganisation: General MotorsOrganisation: ChryslerOrganisation: SenateOrganisation: United Auto Workers unionOrganisation: RepublicanOrganisation: White HouseOrganisation: US SenateOrganisation: DemocratOrganisation: FordOrganisation: republicansOrganisation: DemocratsOrganisation: GMOrganisation: UAWOrganisation: Wall StreetOrganisation: House
<p>In the first eight months of the year, 116,099 new cars were registered, a 3.4% increase, of which 20,656 were electric cars representing a 37% year-on-year increase. File picture</p>

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