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Friday, May 22, 2009

Almost $30 B More Given to GM As White House Prepares Them for Bankruptcy

GM moves one step closer to bankruptcy:

The Obama administration is preparing to move General Motors into bankruptcy as early as next week under the terms of a plan that would give GM tens of billions of dollars more in government financing, the Washington Post reported.

Under the GM draft bankruptcy plan, the automaker would receive just under $30 billion in additional federal loans, a source told the Post, which would up the government's overall investment in the company to nearly $45 billion.

GM is one more step toward officially becoming a baliout failure for Obama. The writing has been on the wall for months here, here, and here. Why is Obama determined to throw good money after to fail?

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