Obama says his team is reviewing GM, Chrysler viability plan

Posted: Feb 19, 2009
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While offering no hint whether or not his administration will approve GM and Chrysler’s request for another $21.7 billion in emergency loans, President Barack Obama said today that his economic team is currently reviewing the viability plans submitted by the two automakers earlier this week.

“We are deeply concerned about the current state of the North American auto industry,” Obama said, at a news conference in Ottawa, Canada, where he is currently visiting. “There is going to have to be a significant restructuring of the auto industry.”

Obama’s auto task force is scheduled to meet for the first time tomorrow, the same time when Canadian Prime Minister Stephen Harper will announce the Canadian government’s aid package for the automakers.

GM is requesting a total of $16.6 billion in additional loans while Chrysler is requesting an additional $2 billion.

Source: Detroit News


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  • Boyle

    Not mean to be negative on a car enthusiast site, but news like this is just getting sadder and sadder everyday. Can you guys just stop post anything that have to do with Obama and Detroit's trouble? It's just sad. Unions are a huge constituents of Obama's being elected so there is no way he's going to let Detroit go belly up. Unions have done nothing in the last 30 years that help the country as a whole move forward. Operation costs like wage is not suppose to be a big factor for a company going into financial trouble, but it is for detroit. The teacher unions is the only reason why our kids are getting dumber and stupider everyday. It's so sad that's my kids will have no choice but to attend a horrible union-run public school because I'm restricted to my area and I don't have the financial support for a private school. The corporate are not greedy, it's is these Union assholes that just want to be pay 80K+ a year and health care coverage and entitlement. Why cant they think of their children and grand children? and stop living beyond their means because soon their children and grand children will suffer all these greedy self-center action. And think about this, why would you want your tax dollars to continue to support these union workers' salaries when you yourself can find a decent job?
    That's all I have to say.

  • Boyle

    Not mean to be negative on a car enthusiast site, but news like this is just getting sadder and sadder everyday. Can you guys just stop post anything that have to do with Obama and Detroit's trouble? It's just sad. Unions are a huge constituents of Obama's being elected so there is no way he's going to let Detroit go belly up. Unions have done nothing in the last 30 years that help the country as a whole move forward. Operation costs like wage is not suppose to be a big factor for a company going into financial trouble, but it is for detroit. The teacher unions is the only reason why our kids are getting dumber and stupider everyday. It's so sad that's my kids will have no choice but to attend a horrible union-run public school because I'm restricted to my area and I don't have the financial support for a private school. The corporate are not greedy, it's is these Union assholes that just want to be pay 80K+ a year and health care coverage and entitlement. Why cant they think of their children and grand children? and stop living beyond their means because soon their children and grand children will suffer all these greedy self-center action. And think about this, why would you want your tax dollars to continue to support these union workers' salaries when you yourself can find a decent job?
    That's all I have to say.