White House: Auto Bill Moving Toward Something It Could Back
The News Review:
- White House: Auto Bill Moving Toward Something It Could Back
- Obama cautions auto industry
- Auto Industry Collapse Is Not an Option Obama Says
- Obama: Carmakers need change at the top
- US Automakers’ Survival Plans May Deepen Recession (Update1)
White House: Auto Bill Moving Toward Something It Could Back
CNNMoney.com
Bush could backbut cautioned that it hasn’t seen final legislative language adding thatTuesday “seems pretty soon” for lawmakers to vote on the bill. “Our concern right now is on the process” said White House spokeswoman DanaPerino. She said administration officials met with lawmakers Saturday night on theplan to throw a lifeline to the struggling auto makers. The package is expected to provide $15 billion in emergency loans carved outof the Department of Energy’s already-existing $25 billion program initiallydesigned to provide the firms with retooling loans.
Obama cautions auto industry
Boston Globe United States
“We have to have an auto industry that understands they can’t keep on doing things the same way” Obama said at a news conference in Chicago. “If this management team that is currently in place doesn’t understand the urgency of the situation and is not willing to make the tough choices and adapt to these new circumstances then they should go. “Obama did not single out any of the automakers. But the chairman of the Senate Banking Committee Democrat Chris Dodd of Connecticut said earlier in the day that he believes Rick Wagoner the CEO of General Motors Corp. which is in worse financial shape than Ford Motor Co.
Auto Industry Collapse Is Not an Option Obama Says
Wall Street Journal
“The Big Three automakers have made repeated strategic mistakes” Mr. “But what I’ve also said is that the auto industry is the backbone of American manufacturing. … I don’t think it’s an option to simply allow it to collapse. Obama in an interview with Tom Brokaw on NBC’s “Meet the Press” that aired Sunday spent much of the time discussing how his incoming administration would address the economic crisis which he predicted will worsen. “If you look at the unemployment numbers.
Obama: Carmakers need change at the top
CNNMoney.com
Rick Wagoner the chief executive of General Motors Corp. "has to move on" said Dodd on CBS’ "Face the Nation. "Congressional Democrats and the Bush White House had reached an agreement in principle to provide stopgap support for the U. auto industry congressional and industry sources said late Friday. The deal would keep the most troubled companies out of bankruptcy court at least through the end of March. Two officials familiar with the compromise talks told CNN that the working target is $15 billion to $17 billion in bridge loans.
US Automakers’ Survival Plans May Deepen Recession (Update1)
Bloomberg
The rescue plan as outlined may do little to revive autosales which exceeded 15 million a year from 1996 to 2007. sales probably will total 13. 3 million in 2008 Standard &Poor?s said on Nov.
Related from Bloggingrssmonster: Live-Blogging the Big Three’s Bid for a Bailout
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