Rawstory:
WASHINGTON (AFP) – The White House on Saturday firmly rejected pumping more aid into struggling US automakers out of the 700-billion dollars earmarked for an economic bailout plan earlier in this year.
"We want to see legislation passed at this week's lame duck session that uses existing funds intended for the automakers that will help them become viable for the long run," said White House spokeswoman Dana Perino.
She said the money allocated under the Wall Street bailout plan to help stem the economic crisis needed to be conserved for "its intended purpose, stabilizing and strengthening our financial system."
Democratic lawmakers are convening a special lame-duck session of the outgoing Congress next week in a bid to pass more measures to help shore up the country's faltering economy.
One proposal is to give the Big Three automakers -- Ford, Chrysler and General Motors -- a further 25 billion dollars in loan guarantees on top of 25 billion dollars already agreed on in September.
Perino said reports that the White House had conditioned its approval of any new aid to the carmakers on relaxing fuel efficiency requirements for the auto industry were not true.
"That is false -- the president proposed these efficiency standards, Congress enacted them, and we're in the process of implementing them. We are not proposing relaxing them."
The September handout for the auto industry is aimed at enabling manufacturers to develop more fuel efficient vehicles more in line with the changing needs of today's market.
"We are urging Congress to choose a path that would help automakers that are willing to take measures to prove viability with a program that's already approved, and not pursue a path that won't make it out of the Senate," Perino added.
1 comment:
It's sad to see Republican Law makers from Ohio/Michigan are willing to let the citizens they represt lose their jobs. Bush said if the Auto Company kept building gas eating cars he might give them the money. Yes it's always about gas. Bush wants the Oil Companies to continue to get Big Profits with high gas prices. Ohio/Micigan are the top States in trouble and this is how the citizens are treated with their tax dollars. Yes AIG got 110 Billion dollars and has already wasted 1 million on parties and bonues for friends, yet nothing for the Auto Industy. Now India and other overseas Auto Companies can grow faster while the US Auto Dealers wait for help from Obama/Biden.
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