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Detroit Baillout Goes Through

What a disaster (via AutoNews): WASHINGTON ? In a rare Saturday session, Congress gave final approval to funding that will launch a $25 billion low-interest loan program for automakers and suppliers. The program, designed to help companies retool for more fuel-efficient vehicles, also is expected to provide a financial lifeline to struggling companies, particularly the Detroit 3. The funding that is needed to begin the program, about $7.5 billion, was attached to a wide-ranging spending bill that will keep the federal government running in the new fiscal year that begins Wednesday. The Senate vote Saturday was 78-12 in favor. The House approved the bill last Wednesday. President Bush is expected to sign it.I am a libertarian, so I am skeptical of most government programs...continue to full post

Full post as published by Crime & Federalism on September 27, 2008 (boomark / email).