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Friday, December 12, 2008
Treasury Says Ready to Prevent Collapse of Nation's Automakers
Associated Press
WASHINGTON--The Treasury Department said Friday it's prepared to act to avoid any possible collapse of nation's three largest auto companies given that rescue efforts in Congress have failed.
"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," said Treasury spokeswoman Brookly McLaughlin.
General Motors Corp.(GM), Chrysler LLC and Ford Motor Co. (F) failed to secure $14 billion in emergency loans after efforts collapsed in the Senate late Thursday. The Senate rejected the bailout 52-35 on a procedural vote.
GM and Chrysler have said they're in danger of running out of money within weeks.
The White House on Friday said it considering new ways to help Detroit. The companies have prodded the Bush administration to tap into a $700 billion financial bailout fund for emergency aid.
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Sure, we know some of you are saying the term "marriage penalty" is redundant. In fact, of all the costs associated with getting married (have you seen the cost of a wedding cake lately?), the marriage penalty can be the worst.
Here's how it works: Mr. and Mrs. Right walk down the aisle in wedded bliss and suddenly they¿re a two-income household. If both make roughly the same amount of money, they can be pushed into a higher tax bracket. That's bad, since the higher the bracket, the higher the tax. So, if both were single, they'd end up writing two smaller checks to the tax man that, if combined, would add up to less than the giant check they write in a state of wedded bliss.
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And, it¿s important to remember that there are other financial benefits, such as lower life-insurance rates or health care premiums, that can make up for the extra tax couples pay. So don't let Uncle Sam stop you from saying, "I do."
