Big Three bailout may be around corner »

Posted By pagey 1 year, 3 months ago in Business & Finance

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Plunging auto sales, high gas prices and election year politics could help convince Congress to approve a $50 billion loan package to embattled U.S. automakers that Detroit's Big Three claim is key to their future success.

On Wednesday, General Motors (GM, Fortune 500), Ford Motor (F, Fortune 500) and Chrysler LLC reported monthly sales declines of at least 20% from a year ago, as American car buyers continued to turn away from SUVs and pickups and towards more fuel efficient car models.