Auto Bailout Still Moving Forward 

Posted: 7:21 pm Monday, December 15th, 2008

By Jamie Dupree

The White House made clear on Monday that while the deal isn’t finished, the Bush Administration is going to offer emergency aid to General Motors and Chrysler, to keep those two companies from going belly up.

The talk is that GM would get $8 billion in emergency loans, while Chrysler would get $7 million.

Both companies said they needed immediate help to avoid bankruptcy in coming weeks.

Vice President Dick Cheney made clear yesterday on talk radio that the White House was not going to leave U.S. automakers high and dry.

“And if the automobile industry goes belly up now, there’s a deep concern that that would be a major shock to the system,” Cheney told Rush Limbaugh.

The plan would evidently include a “car czar” designed to force some changes in GM and Chrysler.

We’ll see if the plan comes out today.  The interesting part will be next year, to see what lawmakers decide to spend to keep those two companies afloat.

 

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