Pakistanis angry over detentions in Times Sq. case Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They
AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e
BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German
Minister seeks closure of anti-Berlusconi websites Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who
By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
Navigation
Primary Navigation
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Secondary Navigation
Search
Search:
US Treasury ready to stave off auto sector collapse
AFP - Saturday, December 13
WASHINGTON (AFP) - - The US Treasury said Friday it is "ready" to avert the collapse of the Big Three US automakers until Congress can address their problems, a spokeswoman said Friday.
"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," Treasury spokeswoman Brookly McLaughlin said.
The announcement came shortly after the White House said it would consider tapping a 700-billion-dollar financial rescue fund administered by the Treasury "to prevent a collapse of troubled automakers" after lawmakers failed to pass an alternative.
"Given the current weakened state of the US economy, we will consider other options if necessary -- including use of the TARP program -- to prevent a collapse of troubled automakers," said spokeswoman Dana Perino, referring to the Troubled Asset Relief Program conceived to help financial services firms.
A 14-billion-dollar auto bailout effort collapsed in the US Senate late Thursday.
The House of Representatives on Wednesday had approved the White House-backed bill, crafted by Democrats, to rescue the ailing automakers.
The measure would have required the manufacturing giants to engage in restructuring to ensure their long-term survival and repayment of the government monies or face bankruptcy proceedings.
Email Story
IM Story
Printable View
Blog This
Recommend this article
Average (0 votes)
Sign in to recommend this article »
Most Recommended Stories »
Enlarge Photo
A Ford employee works on the assembly line in Dearborn, Michigan. The US Treasury has said it is "ready" to avert the collapse of the Big Three US automakers until Congress can address their problems, a spokeswoman said Friday.
Most Popular – Top Stories
Viewed
White House mulls urgent new steps on autos
US Senate fails to reach deal on auto bailout
Autism, other disorders linked to post-natal factors: study
Muslim pilgrims stone Satan at the hajj
Sarcasm finds medical use in dementia detection
View Complete List »
Search:
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular