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Congress,
White House Negotiate Auto Bailout
According
to NPR: Sunday edition, December 7, 2008 : Congressional aides are busy
working out the details of a bailout package for the nation's big three
automakers. The package is less than half of the $34 billion that Ford,
GM and Chrysler had asked for.
A breakthrough in the deal came when House Speaker Nancy Pelosi yielded
to President Bush's request that the money come from an existing aid
package set aside for automakers for the production of greener-running
cars.
Host Liane Hansen speaks with NPR's John Ydstie about the continuing
negotiations between Congress and the White House.
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Supporters
of an emergency rescue for the Detroit auto industry face an uncertain
outcome in their effort to craft a $15 billion aid package for
the troubled and nearly broke carmakers.
Democratic
congressional leaders dispatched aides Saturday to draft a measure
to pull the Big Three automakers from the brink of collapse while
Capitol Hill leaders prepared to sell yet another bailout to a
skeptical Congress.
The
emerging measure would speed short-term help to General Motors
Corp., Ford Motor Co. and Chrysler LLC, while empowering the government
to order a wholesale restructuring of the industry and imposing
tight restrictions, according to congressional officials and others
close to the talks. They described the developing plan on condition
of anonymity because the details were not final.
On
Friday House Speaker Nancy Pelosi, D-Calif, yielded to President
George W. Bush on a key point: allowing the aid to come from an
existing fund set aside for the production of environmentally
friendlier cars.
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Due
to the global crisis,President Bush and the world leader 20 countries
had the biggiest Finance summit in history in November 15th, 2008.
What
happens to the U.S. auto industry matters on Main Street: The credit
crisis that is affecting us all is wounding the U.S. auto industry
in many different ways. Carmakers can't get loans to restructure and
to produce new advanced technology vehicles. Suppliers and dealers
can't get loans for routine business, and customers can't get loans
for new cars.
The
effect would be devastating in ways of which you never have thought:
Nearly 3 million jobs would be lost in the first year alone - with
another 2.5 million to follow over the next two years
Personal income in the United States would drop by more than $150.7
billion in the first year "
The cost to local, state, and federal governments could reach $156.4
billion over three years in lost taxes, and unemployment and health
care assistance
Domestic automobile production would more than likely fall to zero
- even by international producers, due to supplier bankruptcies.
Aggressive
restructuring actions and the introduction of more high-quality, safe
and fuel-efficient vehicles – including a broader range of hybrid-electric
vehicles and the introduction of advanced plug-in hybrids and full
electric vehicles will emphasis of eco environment and support refreshing
USA economic and boyond the global world...
Reported by Catch4all.com, Sandra Englund, December 7th, 2008.
Source:
Ford blog
WORLD
HISTORIC MOMENT - WORLD LEADERS WORKING TOGETHER: PRESIDENT George
Bush with The world Leaders at the Summit on Financial Markets and
The World Economy
NPR
News
GM
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