The floodgates are open:
General Motors Corp., Ford Motor Co. and Chrysler LLC would get $25 billion in loans from the Treasury’s financial-rescue plan under a proposal by House Financial Services Committee Chairman Barney Frank.
Legislation is needed to authorize the Treasury to use part of its $700 billion rescue fund for the auto industry, Frank said today. He said he plans to unveil the bill Nov. 18 and hold a hearing on the measure the following day.
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