Congress sent an emergency bailout package proposal for automakers to the White House on Monday. Wired PR News.com –As reported by the Associated Press (AP) the $15 billion plan included a “car czar” provision for oversight to ensure the auto industry makes appropriate changes and restructures itself.
The plan also included details for President George Bush selecting someone to oversee restructuring of the struggling auto giants Ford, Chrysler, and General Motors who may receive governmental loan money. Some members of Congress hope the measure will gain approval within the next few days.
As quoted in the AP report of press secretary Dana Perino, “We’ve made a lot of progress in recent days to develop legislation to help automakers restructure and achieve long-term viability… We’ll continue to work with members on both sides of the aisle to achieve legislation that protects the good faith investment by taxpayers.”
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