Auto Industry Bailout - It May Be a Go After All

2008-12-13 20:58:20 (GMT) (WiredPRNews.com - Business, News)

Automakers may receive long awaited assistance after all with emergency aid from White House.

Wired PR News.com – With the recent death of a bill put forth for Congress’ approval to provide the auto industry with much needed assistance, many were left wondering what the future would hold for automakers. As reported by the Associated Press, the White House has promised to intervene so that the industry does not collapse, as analysts predict would happen without financial aid, and the millions of jobs at risk can be saved.

The announcement was made on Friday after talks between automakers, Congress, and the current administration regarding what options were left and the guidelines that carmakers would have to follow.

President Elect, Barack Obama urged the White House to intervene, stating “My hope is that the administration and the Congress will still find a way to give the industry the temporary assistance it needs while demanding the long-term restructuring that is absolutely required,” as quoted in the AP report.

Specific details have yet to be announced regarding what kind of resources might be provided, or what concessions would have to be made.