Obama urges Bush to offer Big 3 immediate aid

During his meeting with President George W. Bush, President-elect Barack Obama urged him and his administration to pass a second stimulus package to help the U.S. economy. Obama asked Bush to use the existing bailout packages to help the struggling auto industry as quickly as possible.

According to spokesman Robert Gibbs, who spoke with Automotive News, Obama did not specifically ask for help for one single American automaker.

As GM, Chrysler and FoMoCo burn through their billions monthly, the Big 3 have asked the government for up to $25 billion in loans to help prevent the collapse of the U.S. auto industry. House speaker Nancy Pelosi recently met Democratic heads to consider another $25 billion in ‘bridge financing.’

Yesterday, GM CEO Rick Wagoner said that the company needs immediate aid before President-elect Barack Obama takes office.