December 06, 2008

US Congress expected to vote on carmaker bail-out next week

United Sates Democrat lawmakers are nearing a deal with the White House on a financial life-raft for the struggling auto industry. Following two days of Congressional hearings in Washington, a White House spokesman said talks on a possible rescue package would continue over the weekend. The US Senate is to vote on the 15-billion-dollar rescue plan next week. The plan would borrow cash from a federally subsidized loan program to stimulate green auto technologies. The plan's short-term loans would sustain the industry until March. Earlier on Saturday, US government figures showed that the country's economy had shed more than 500,000 jobs in November. That's the worst one-month loss in more than three decades.

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