Detroit News: Feds Weigh $10B in Emergency Auto Aid

Tags:

David Shepardson from the Detroit News Washington Bureau: The United States Treasury Department is leaning toward granting General Motors and Chrysler a loan package of roughly $10 billion that would allow them to survive into February, putting pressure on Congress to act to add funds. Talks between the automakers and Treasury are continuing, but no announcement of a deal is expected until at least Wednesday. One auto official said Treasury is considering "a bridge to a bridge loan" rather than the full amount sought by automakers. Senator Chris Dodd, chairman of the Senate Banking Committee, told reporters in Ireland on Monday he expected the administration to act quickly but said any loans would allow the automakers to survive "basically into the first quarter."

Note: Send President Bush a message expressing your support for aid for the auto industry to comments@whitehouse.gov. You can also send Congress a message via the GM Facts and Fiction website.

Random Article from the SaturnFans.com Archives

More Six-Speed Automatics Coming as GM Announces Plan to Close 4-Speed Transmission Plant

Following discussions during ongoing contract bargaining with the CAW, General Motors of Canada recently announced the Windsor Transmission plant will cease operation in the second quarter of 2010. This is when current 4-speed front wheel drive transmission production mandates are completed.