Detroit Bailout Looks Unlikely
The chief executives of the Big Three American car companies head to Washington Tuesday along with the head of the United Auto Workers to beg Congress for a bailout that seems less and less probable.
The chief executives of the Big Three American car companies head to Washington Tuesday along with the head of the United Auto Workers to beg Congress for a bailout that seems less and less probable.
Lawmakers are loathe to head back to the bottomless piggy bank, while the White House refuses to slide down the “slippery slope” of letting just anyone take a chunk of that $700 billion.
Wait, before you go…The Guardian:
Although GM has warned that its cash shortage could lead to insolvency by Christmas if Congress does not approve the funding, the outgoing administration of George W Bush firmly opposes providing a loan through the $700bn financial bail-out approved last month.
“There’s not an appetite in Congress, or in the administration, to open up the [bailout] funding for individual industries,” White House spokeswoman Dana Perino said [Monday]. “Once you start down that road, it’s a slippery slope.”
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
The offer includes "major gains" for workers who have been picketing at U.S. factories for a month, United Auto Workers officials say.
A bitter standoff over fuel efficiency has been threatening to unleash years of court fights and confusion in the U.S. auto industry.
The Truthdig columnist goes to Anderson, Ind., to witness the impact of the flight of General Motors jobs.
Director Kathryn Bigelow turns the tragic events of July 1967 in Detroit into a tense suspense film.
With China and India increasingly dedicated to pushing greener cars, the Asian market may drive the whole industry in that direction much faster than anyone expected.
There are currently no responses to this article.
Be the first to respond.