Speed bumps slow latest auto bailout

Chrysler and General Motors held their hands out for up to $21.6 billion in additional federal aid this week. But they found even some of their allies in Washington were unimpressed with the recovery plans they have put together.

A spokesman for President Barack Obama, for instance, thanked the companies for submitting plans but said “much more will be required from everyone involved ... to ensure the viability of these companies.”

And Obama’s former nominee to be commerce secretary, New Hampshire Sen. Judd Gregg, declared that no more taxpayer money should be given to Chrysler until its majority owner — Cerberus Capital Management LP, agrees to put more money into stabilizing the company.

Still others in Washington were demanding more concessions from labor unions over items such as the auto workers retirement plans. And financial experts said both companies need to offer more details on how they will reduce costs, improve their markets and restructure existing debt.

Since every day seems to bring new reports of the latest government spending to help turn around the economy, it is unlikely that Congress or the Obama administration will reject automakers’ requests for additional billions.

But it’s welcome to see that they are at least demanding answers to a few very important questions before proceeding.


Commenting is not available in this channel entry.

  • Manager

    Girardi's Towing, IncHeavy Haul, LLCCrane and Rigging Inc....

  • Engineering

    Chief Engineerfor Limelight Hotel, Aspen.This role will oversee all phys...

  • Ft Rns - Nightshift

    La Villa Grande Care Centeris looking for those amazingRN'sto...

  • Certified Hvac Technician

    Experienced HVAC Service Techfor in town work. Benefits

  • Academic Advisor

    Reporting to the Director of Advising and Academic Services,the ...

  • Sales

    WE ARE HIRING!!!If you are motivated and have an outgoing persona...

Search More Jobs

734 S. Seventh St.
Grand Junction, CO 81501
970-242-5050; M-F 8:00 - 5:00
Subscribe to print edition
Advertiser Tearsheet

© 2016 Grand Junction Media, Inc.
By using this site you agree to the Visitor Agreement and the Privacy Policy