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Updated from 1:50 p.m.
The automakers will sidestep bankruptcy, at least in the near term.
Saying "Chapter 11 is unlikely to work for the American automakers at this time," President George Bush unveiled a $17.4 billion bailout plan for General Motors(GM Quote) and Chrysler, which face imminent liquidity problems.
Though he suggested bankruptcy as an alternative earlier in the week, Bush appeared to back away Friday, buying into the industry's fervent belief that consumers would be unlikely to buy cars from an automaker operating under Chapter 11. ...
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