General Motors essentially proposed Monday to nationalize itself. In seeking additional funds from the government, the automaker's proposal would leave the U.S. Treasury Department as the majority stockholder in the company.

If the government accepts the plan, the questions become: Does it have an exit strategy? Can it balance the colliding interests of taxpayers, the UAW and rival auto firms?

Under a revised restructuring plan submitted by GM, the government would hold at least ...

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