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Bush readies new rescue for auto industry

Published 12/12/2008, AP Special Correspondent

With Congress gridlocked and the economy flailing, the Bush administration declared today it would step in and prevent the “precipitous collapse” of the U.S. auto industry and the disastrous economic impact of the hundreds of thousands of job losses sure to follow. It's a reversal for President George W. Bush, who had long declared that money off-limits to the beleaguered automakers.

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