Without Congressional Approval or Legislative Authority, Obama Plans for Government to Take Majority Interest in General Motors

(CNSNews.com) - Without the prior approval of Congress or any legislation authorizing the act, President Obama plans to announce on Monday that the federal government will take a 60-percent ownership stake in General Motors as part of a bankruptcy and reorganization plan for the company.

The White House on Sunday night announced that the plan will require the federal government to provide another $30 billion of taxpayer money to General Motors, on top of the $20 billion in aid the federal government already has given the company.

In December, Congress failed to pass legislation authorizing a federal bailout of the auto industry.

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