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On December 19, George W. Bush announced that he had approved the bailout plan, which would give loans of $17.4 billion to U.S. automakers GM and Chrysler, stating that under present economic conditions, "allowing the U.S. auto industry to collapse is not a responsible course of action."
Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to 4 million jobs for Americans, that liquidation was imminent for two of the three major U.S. automakers, and that the break ups would devastate the U.S. economy, the U.S. government became involved in the day-to-day management decisions of ...
The loan program, created in 2007, requires a "reasonable prospect of repayment" of the loan. Under Biden, the program has announced deals totaling $33.3 billion, including $9.2 billion for ...
The loan program was authorized under section 136 of the Energy Independence and Security Act of 2007, which provided the program with $25 billion in loan authority, supported by a $7.5 billion appropriation to fund the credit subsidy, or the 30% risk profile expected for projects of this type. To qualify, automakers and eligible component ...
This follows the Supreme Court’s striking down of President Joe Biden’s forgiveness ... With Their Money. Total student loan debt, currently $1.76 trillion, continues to climb as a number of ...
In early December, the Biden administration announced another round of forgiveness: $4.8 billion in relief for more than 80, 000 borrowers. When taken ... EDITORIAL: Biden's small wins on loan ...
Answers to some of the most pressing questions about Biden's student loan forgiveness plan. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways ...
Nebraska, 600 U.S. 477 (2023), was a United States Supreme Court case related to the forgiveness of federal student loans by the Biden administration in 2022, challenged by multiple states. The Supreme Court's ruling was issued on June 30, 2023, ruling 6–3 that the Secretary of Education did not have the power to waive student loans under the ...