No Auto Bailout – Yet 

Posted: 6:39 pm Sunday, December 14th, 2008

By Jamie Dupree

If General Motors and Chrysler were “banking” on quick action by the White House to give them money to stay afloat that hasn’t happened – yet.

“Size, timing of auto bailout uncertain,” read the headline on the Detroit Free Press web site, which may soon be the only place to read the paper that I delivered as a kid.

One GOP Senator said on the Sunday shows that the Bush Administration hadn’t decided what it was going to do to help US automakers in need of a financial lifeline.

For now, it’s GM and Chrysler that need the help.  Both carmakers told Congress in recent weeks that without a cash infusion, they might not even make it into the New Year.

Congress last week went home without approving any finalized aid plan after Republican Senators blocked action on a House passed bill containing $14 billion in emergency aid.

I don’t think anyone will be surprised if the White House does something for GM and Chrysler.  The only issue will be what kind of restrictions are negotiated by the feds.

The other big thing will be, how long until those two are back asking for more money.

I know that the UAW has a big friend with Democrats in charge of the Congress, especially as the Dems bolster their majorities in the new Congress.

But I’m just not so sure the Democratic rank and file is going to go lock step with the UAW and those companies for billions and billions in aid.  We’ll see.

 

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