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Carmakers Battle To Reach The Bottom

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The U.S. Treasury Department, already working with GM on bankruptcy plans, has now directed Chrysler to prepare a filing by next week. Both automakers are currently being kept afloat with government backing as the Obama administration struggles to redesign the American car model. Ford, the only Detroit hold-out, narrowly beat its forecast this last quarter despite lower sales. Meanwhile, the threat of a government takeover of the auto industry has some pension experts warning of lowered benefits for retired workers. We'll get the latest from Detroit.

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