White House and Treasury Say They Won't Let Struggling U.S. Automakers Fail

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Barbara Hagenbaugh and Steve Marshall from USA Today: The White House and the Treasury gave strong indications Friday that the U.S. government, at least temporarily, would help prop up the American auto industry. "Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," Treasury spokeswoman Brookly McLaughlin said. And White House spokeswoman Dana Perino said the administration is considering using the Wall Street rescue fund to prevent the USA's strapped carmakers from failing.

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General Motors 363 Asset Sale Approved by US Bankruptcy Court

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General Motors achieved another milestone in its reinvention last night when Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York approved the sale of substantially all of General Motors Corporation's assets to NGMCO, an entity funded by the U.S. Department of the Treasury.