Detroit Automaker's Survival

STORY:
The incoming freshman of 111th Congress. They officially do not start until next year, but they stand on the Capitol steps for their class photo.

Meanwhile members of the outgoing Congress convene for a final lame duck session.

Democrats are working on a plan to direct $25 billion in loans to Detroit automakers, who say the money is needed for their very survival.

But support for such a plan is up in the air as Senate Republicans are reluctant to legislate yet more money for business rescues.

They also are not convinced General Motors, Chrysler and Ford Motor, the so-called big three, are viable with overall industry sales plunging and consumers moving away from American-made gas guzzlers.

Bailout foes suggest Congress amend a separate $25 billion loan program approved in September for automakers to retool factories necessary to produce electric cars and other more fuel-efficient products.

White House press secretary Dana Perino.

[Dana Perino, White House Press Secretary]:
"We want the automakers to succeed, and we support using an existing program to help them do so."

The Senate is expected to reconvene for about a week. House Democrats say they will move quickly to give final approval to any relief measures that win Senate passage.

Category:

News & Politics

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• ntdtv
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• Detroit
• Automaker
• Survival

[PhotonDrive]

String of lies characteristic of Bush administration! Chapt. 7 Bankruptcy will be chance of our lifetime for REAL CHANGE! Lop off NOT ONLY these scum-bag CEO's, but their legions of white-collar lackeys. Then, the various sold-off components will get busy dumping ALL present bodies etc., introduce the LATEST- not some re-fried beans "Volt", and we can begin the immemse conversion of our society to 21st century SUSTAINABILITY!