USA Auto Giants $25 Billion Aid from Congress Needed
Wired PR News.com — As Congress fails to reach a unanimous decision on granting three of the nation’s top automakers a lifeline to the tune of $25 billion, the companies are warning of the possible economic catastrophe forthcoming if they refuse. As reported by the Associated Press (AP), what have been categorized as “Detroit’s Big Three” begged Congress on Tuesday for help, citing the millions of jobs that would be lost if they did not receive the assistance.
CEO of General Motors, Rick Wagoner, was quoted in the AP report as stating “Our industry … needs a bridge to span the financial chasm that has opened up before us.”
Many in Congress oppose allowing funds from the $700 billion bailout package allotted to the financial sector, to be dispersed to automakers General Motors, Chrysler, and Ford, and blame poor management on their current predicament. Criticism has been a factor that has many lawmakers leery of the potential for the bailout plan altogether.
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