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US Congress rejects $14 billion auto rescue package

The future for General Motors and Chrysler in particular looks very mixed today with news that the US Congress has rejected a $14 billion rescue package for the industry. There is also the potential for Ford Motors to go under in the New Year as the company has already stated that liquid assets are running short and may only last a few more months.

The move to reject the $14 billion rescue package has surprised many in the US automotive industry as it will certainly see at least one of the major car manufacturers go under in the next two months. Such was the impact that stock markets in America, the Far East and the UK fell off on concerns over the possible knock-on effects to car industries around the world. There is also the possibility of literary hundreds of thousands of employees being made redundant in the New Year which will heap further pressure on government social security budgets.

The fact that the US politicians are prepared to let the car manufacturing industry slide does not bode well for the vast majority of other business sectors which are suffering at the moment.

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