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Task force says no more automaker bailouts

Posted Thursday, Jun 11, 2009, 12:11 pm in Employee News

President Barack Obama’s auto task force told skeptical lawmakers Wednesday the government had no plans to pump more dollars into General Motors Corp. and Chrysler Group LLC and that the public had a “reasonable probability” of getting its money back, the Associated Press reported.

Ron Bloom, a senior adviser to the task force, faced numerous questions about the roughly $80 billion in federal aid to the car companies, their lending affiliates and suppliers, the AP said. He said the Obama administration’s efforts had given the automakers “a chance to become viable, competitive businesses with bright futures,” the story said.

“We strongly believe this is the last money that GM will require. I cannot make a promise about the future, but I can assure you that it has been a vigorously debated and thought about question,” Bloom told the Senate Banking, Housing and Urban Affairs Committee.

“I do believe that there is a reasonable probability that we can get most if not all of our money back,” Bloom said. According to the AP, Bloom said the companies had faced “uncontrolled bankruptcies and almost certain liquidation” that would have caused “substantial job loss with a ripple effect throughout our entire economy.” (Associated Press/
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