Bush wants $25B in loans released to carmakers
WASHINGTON – The White House on Friday threw its support behind a plan to speed release of $25 billion in existing loans to the Big Three automakers but rejected a Democratic proposal to use money from a financial bailout to help the troubled industry.
The $700 billion financial rescue package was never intended to help automakers and shouldn’t be now, White House spokeswoman Dana Perino told The Associated Press. But since Democratic leaders in Congress are pressing forward with a proposal to carve out a piece of its for the auto industry, she said the White House has decided to pursue a different approach: accelerating the availability of federal loans Congress first approved in September.
The administration now supports allowing the loans to be released more quickly than the original legislation prescribed and to be used for more urgent purposes as the companies struggle to stay afloat.
November 14th, 2008 at 7:32 pm
The cost of GM’s death
If Congress thinks a bailout of General Motors is expensive, it should consider the cost of a GM failure.
Let’s be clear. The alternative to government cash for GM is not a dreamy Chapter 11 filing, a reorganization that puts dealers and the UAW in their place, ensuring future success.
The government will face greater unemployment, more Americans without health insurance and greater pension liabilities
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