Oh, and a tax break too. Did we mention tax break?

The Wall Street Journal tops its Web site with news that General Motors is seeking more assistance from Washington, this time in the form of a tax break. The automaker may have to pay up to $7 billion in income taxes, stemming from stipulations of a $13.4 billion loan from the federal government. At the root of the issue is the company's plan to mete out its remaining stock to debt holders, the United Auto Workers union, and the federal government, in effect reducing its debt to $33.5 billion from $62 billion. In the past, the government has limited this type of transaction; however, doing so this time around impede "the government's effort to keep GM afloat," the WSJ says.

[From GM Pleads for Tax Break | The Big Money]