President Bush Looks For More Funds For Auto Bailout!!!
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Obama: Auto workers shouldn’t take ‘all the hits’ in rescue plans
President Bush Looks For More Funds
DETROIT — President-elect Barack Obama isn’t saying if he’ll make changes to the auto industry loan package announced Friday morning by President Bush. But Obama warned auto companies Friday that “the American people’s patience is running out.”
He said automakers should “seize on this opportunity” to come up with plans to make their companies sustainable.
Obama also said a final restructuring package shouldn’t just include concessions from auto workers. He said they shouldn’t be the ones “taking all the hits.”
Obama said everyone involved with the auto industry has to be “part of the process.”
He said his economic team will talk with management and workers to find out how the industry and its jobs can be preserved not just in the short term, but in the years to come.
After all-night negotiations, the White House unveiled a bailout plan for the auto industry early Friday that gives automakers $13.4 billion in short-term financing.
The automakers can access an additional $4 billion in February, if Congress makes available the next $350 billion of financial bailout money.
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