Big Three leaders make plea for (at least) another $25 billion
The Associated Press reported that leaders of General Motors, Ford, Chrysler, and the UAW requested financial assistance from Congress. Specifically, the companies and union asked for $25 billion in federal loans to fund their contributions to health care trusts created in 2007, and for help in gaining access to the Treasury’s $350 billion bailout fund and Federal Reserve’s emergency borrowing system. The auto leaders also plan to ask for help from the Treasury or Federal Reserve, according to the article.
Present at the meeting were Nancy Pelosi, Speaker of the House; Harry Reid, Senate Majority Leader; Bob Nardelli of Chrysler; Alan Mullaly of Ford; Rick Wagoner of General Motors; and Ron Gettelfinger of the UAW.
A spokesman for the UAW pointed out that the automakers’ liabilities to the health care fund – $15 billion due by January 10 and another $15 billion by 2012 – were making it harder for them to get loans from other sources.
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