Democratic Leaders Delay Vote on Automaker Bailout Until December
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After initially hearing news that regulators from both sides of the aisle had agreed upon a plan to save the automakers, reports now coming out of Washington have indicated otherwise.
Democratic leaders have decided to delay the vote until December, demanding that the automakers show exactly how they would use federal funds to transform their industry.
Shares of General Motors (NYSE: GM) and Ford (NYSE: F), while still in positive territory, are now off their session highs. GM is currently up 6.8% to $2.98, while Ford is up 14% to $1.44.
Democratic leaders have decided to delay the vote until December, demanding that the automakers show exactly how they would use federal funds to transform their industry.
Shares of General Motors (NYSE: GM) and Ford (NYSE: F), while still in positive territory, are now off their session highs. GM is currently up 6.8% to $2.98, while Ford is up 14% to $1.44.
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