Bush Passes Bailout Buck to ObamaAlthough President Bush has kicked off the auto industry bailout process before leaving office, some would call Bush's strategy more of a punt to his presidential successor, Barack Obama.
Although President Bush has kicked off the auto industry bailout process before leaving office, some would call Bush’s strategy more of a punt to his presidential successor, Barack Obama.
Wait, before you go…
In a sternly worded radio address today, President Bush issued a dire warning to the Big Three automakers: Restructure — fast — or you’re on your own.
“The time to make the hard decisions to become viable is now – or the only option will be bankruptcy,” Bush said.
But he will be long gone before the March 31 deadline for General Motors and Chrysler to be in the black or pay back the $17 billion in loans, and it is Obama – along with a new and more Democratic Congress – who will have to make the decision about how to proceed then.
“Bush is punting this problem to the next administration,” said Peter Morici, a professor at the University of Maryland’s Robert H. Smith School of Business. “Obama can catch it or let it bounce into the end zone and let the parties work it out.”
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.Support Truthdig
There are currently no responses to this article.
Be the first to respond.