Obama to Announce $250 Million Loan Guarantee for Ford Exports
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President Barack Obama will announce a $250 million loan guarantee today to finance Ford Motor Co. exports, as he defends his administration’s bailout of the U.S. auto industry, according to a White House statement.
Obama will tour an automobile factory in Chicago, where Dearborn, Michigan-based Ford, the only Big 3 U.S. automaker that didn’t take bailout money, will begin assembling the new 2011 Explorer later this year.