Feds Showing Little Enthusiasm For Detroit Bailout
There seems little appetite from either Democrats or Republicans in Washington for a federal rescue of the birthplace of the automobile industry. Detroit now stands as the largest American city ever to file for bankruptcy protection.
During the bleakest days of the Great Recession, Congress agreed in bipartisan votes to bail out two of Detroit’s biggest businesses, General Motors and Chrysler.
Such a bailout would be huge, perhaps as much as $20 billion. Federal resources are strained, with the national debt at $16.7 trillion and the federal government struggling under the constraints of automatic spending cuts that took effect in March.
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