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Automakers running out of time, talk of economic peril
Wednesday, November 19, 2008 | No comments posted.
WASHINGTON (AP) — Detroit’s Big Three automakers are running out of time in their quest to convince skeptical lawmakers that Congress should throw them a $25 billion lifeline.
Top executives with General Motors, Ford and Chrysler will return to Congress today, appearing before a House committee to plead for a “bridge loan” to give them a massive infusion of cash to prevent millions of layoffs, stave off bankruptcy and stabilize their teetering companies.
Facing a less-than-receptive Senate on Tuesday, General Motors Corp. CEO Rick Wagoner warned that the failure of the U.S. auto industry could lead to a loss of 3 million jobs within the first year and ripple throughout communities around the country.
Dire assessments aside, the rescue plan appeared stalled on Capitol Hill, opposed by the Bush administration and Republicans in Congress.
Top executives with General Motors, Ford and Chrysler will return to Congress today, appearing before a House committee to plead for a “bridge loan” to give them a massive infusion of cash to prevent millions of layoffs, stave off bankruptcy and stabilize their teetering companies.
Facing a less-than-receptive Senate on Tuesday, General Motors Corp. CEO Rick Wagoner warned that the failure of the U.S. auto industry could lead to a loss of 3 million jobs within the first year and ripple throughout communities around the country.
Dire assessments aside, the rescue plan appeared stalled on Capitol Hill, opposed by the Bush administration and Republicans in Congress.
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