by Calculated Risk on 11/12/2008 03:22:00 PM

Update: From the WSJ: GE Says Government Will Guarantee Debt

General Electric Co. said Wednesday the government will insure up to $139 billion of debt issued by its financing arm, GE Capital Corp., under a new program.

The conglomerate announced on its Web site that GE Capital has been approved to participate in the new Temporary Liquidity Guarantee Program operated by the Federal Deposit Insurance Corporation.

From Bloomberg: Frank's Plan Gives GM, Ford, Chrysler $25 Billion

General Motors Corp., Ford Motor Co. and Chrysler LLC would get $25 billion in additional aid from the Treasury's financial-rescue plan under a proposal by House Financial Services Committee Chairman Barney Frank.

Legislation is needed to authorize the Treasury to use part of its $700 billion rescue fund for the auto industry, Frank said today. He scheduled a hearing on the measure for Nov. 19.

``The consequences of a collapse of the American automobile industry would be particularly troublesome,'' Frank, a Massachusetts Democrat, told reporters in Washington.

It's hard to keep up ...