Zacharie Scheurer/AP

General Motors is selling its European unit, Opel, to rival Peugeot for $1.9 billion, forcing America's largest car maker to take a $4 billion charge against earnings to account for a decline in Opel's value. The sale will reduce GM's revenue going forward, and will result in a short-term reduction in GM profits. Though investors bid up GM's stock price in recent weeks on rumors of this deal, the details disappointed somewhat, as the stock fell more than 2% in early trading Monday.

Fighting over scraps: European politicians are already scrambling for guarantees that the deal won't result in job losses, but workforce reductions will be part of Peugeot's strategy to put Opel in the black. The global auto industry is moving towards automating manufacturing in high-wage countries. U.S. employment in auto manufacturing, for instance, declined by more than 7% over the past decade even as sales of light vehicles have risen by just shy of 9%.

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20 Republican former U.S. attorneys endorse Biden, call Trump "a threat to the rule of law"

Photo: Mandel Ngan/AFP via Getty Images

Twenty Republican former U.S. Attorneys on Tuesday endorsed Joe Biden while saying that "President Trump's leadership is a threat to rule of law" in the U.S., the Washington Post reports.

What they're saying: In the letter, the former prosecutors criticize Trump's use of the Department of Justice, saying the president expects the DOJ to "to serve his personal and political interests."

  • "He has politicized the Justice Department, dictating its priorities along political lines and breaking down the barrier that prior administrations had maintained between political and prosecutorial decision-making," the letter says.
Updated 30 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse — The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals — 13 states set single-day case records last week.
  3. Business: Winter coronavirus threat spurs new surge of startup activity.
  4. Media: Pandemic causes cable and satellite TV providers to lose the most subscribers ever.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events.
  6. World: Unrest in Italy as restrictions grow across Europe.

Ted Cruz defends GOP's expected return to prioritizing national debt

Sen. Ted Cruz (R-Texas) told "Axios on HBO" on Monday that he wishes reining in the national debt was a higher priority for President Trump.

Why it matters: Trump pledged during the 2016 campaign to reduce the national debt and eliminate it entirely within eight years, though he also deemed himself "the king of debt" and said there were some priorities that required spending. In the fiscal year that ended in September, the deficit reached a record $3.1 trillion.