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The last-minute gambit paid off, and 30 minutes past the Friday midnight deadline, Congress managed to dodge a shutdown. The bill passed by a vote of 366 to 34 in the House and 85 to 11 in the Senate.
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."
The transition team calls for clawing back whatever funds remain from Biden’s $7.5 billion plan to build charging stations and shifting the money to battery-minerals processing and the "national ...
“The foreign brands didn’t prioritize it. They didn’t see it coming,” he said. He said much of the shift in the market took place during 2020 and early 2021.
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 ...
Automakers are fearful of being tagged as seeking a new government bailout so soon after the 2009 government-funded auto restructurings. Detroit has not sought industry-specific assistance ...
Biden delivered his speech on the 99th day of his presidency amidst the ongoing COVID-19 pandemic and economic recovery, campaign to vaccinate Americans, ratification of the American Rescue Plan, Democratic efforts to advance legislation on infrastructure, [3] guns, social justice, and voting rights, [4] Derek Chauvin's conviction in the murder ...
The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and recession. [1]