Democrats and White House reach deal on up to $17 billion for auto industry

Posted: Dec 06, 2008
Filed under: Chrysler, Ford, GM, Industry News

After two days of going back and forth with the House and Senate, Detroit’s Big 3 can breathe a sigh of relief. Democratic leaders and the White House has reportedly reached a deal to provide billions in aid to the hurting U.S. auto industry.

A senior congressional aide told Reuters yesterday that the package, which Democratic leaders will send to President Bush next week, totals between $15 to $17 billion. While the amount is a lot less than the $34 billion requested by GM, FoMoCo and Chrysler, Democratic leaders believe that the money should hold them over until President-elect Barack Obama takes office on Jan. 20th. After that they hope a new effort can be made to rescue the auto industry.

The $15 to $17 billion should be enough to meet GM and Chrysler request for a total of $11 billion by the end of 2008.

Source: Reuters

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  • Kabluey
    That's such an insult to Detroit! I love it when even your own government doesn't even believe in domestically made products! lolol..

    Besides Camrys, Corrollas, Tundras, etcetera are all made in the U.S. when most Suburbans and P.T. Cruisers are assembled in Mexico or Chevy trucks are assembled in Cananda..
  • now this is definitely a good news! Automotive industry deserves to be saved because many people count on their cars and there are millions that have work or depend on automakers
  • Bobmarley
    you are fucking retarded Tuning! Bad business' fail because their bad. Americans have already decided for themselves that they dont want to support them by not buying their cars! Why should we support them by giving them money for products we dont want? Capitalism rewards good buisiness' and lets the bad business' fail. Once the Government starts getting involved "bailing out" the bad business' then you disrupt the freemarket, creating unequal oportunity and open the door to socialism
  • Harald
    what a true & honest comment!
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