Dem leaders want Bush to help ailing automakers
By DEB RIECHMANN
Associated Press
November 11, 2008
Page 2 of 2
Sen. Carl Levin, D-Mich., said in an interview he was hopeful the administration would view the $700 billion bailout as flexible enough to include the auto industry. But he said Democrats and Republicans in Michigan's congressional delegation were writing an amendment to the bailout law that would provide the $25 billion in loans.
"It's inexcusable that they not see the importance of the auto industry to the economy," Levin said.
Levin said relying on the loan program for the development of fuel-efficient vehicles was not a practical way to help the domestic companies deal with their financial troubles. "It's too slow in the payout," Levin said.
In a statement, Chrysler said the company would continue to urge Congress and the Bush administration to immediately address the liquidity crisis facing the automotive industry due to the economic downturn and the lack of available financing for dealers and customers.
GM and Ford also issued statements Saturday urging the government to help the auto industry in light of the economic downturn. "A critical portion of the U.S. economy rests on the industry's shoulders," said GM spokesman Greg Martin.
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Associated Press writer Ken Thomas contributed to this report.
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