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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 ...
President Biden is trying again to cancel student loan debt for up to 25 million borrowers after the Supreme Court killed his first effort to do so last year. The new plan draws on a different ...
Lewenza disagreed, saying that the bailout should be seen by Canadians as a loan that will be paid back when the country's economy is prosperous again. [7] On December 20, the government of Canada and the province of Ontario offered $3.3 billion in loans to the auto industry.
Almost 670,000 Californians were enrolled in the SAVE program as of April, according to the White House.
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 massive battery plants in Tennessee and Kentucky for Ford’s electric vehicles.
As a result of the litigation, President Biden extended the payment pause on federal student loans until June 30, 2023. If litigation has not been resolved by then, payments will begin 60 days ...
The first half of the bailout money was primarily used to buy preferred stock in banks instead of troubled mortgage assets. [ 11 ] In January 2009, the Obama administration announced a stimulus plan to revive the economy with the intention to create or save more than 3.6 million jobs in two years.