December 8, 2008 6:59 PM

Big Three auto bailout would put U.S. in driver's seat

The plan, which Congress is likely to consider later this week, would give the government authority over major decisions by the automakers. General Motors, Ford and Chrysler would have to report progress to Congress regularly and come up with a long-term restructuring plans by March 31. The government would also set executive pay. The companies couldn't own private aircraft.

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