- Marionville mayor ‘kind of agreed’ with Kansas City shooter’s views
- Rev. Al Sharpton’s Easter message: Politically ‘crucified’ Obama has risen again
- Supreme Court to weigh challenge to ban on campaign lies
- UNICEF launches ‘Mr. Poo’ mascot in India to curb public defecation
- Teen taking selfie by train: ‘Wow, that guy just kicked me in the head’
- Goodbye, Afghanistan — hello, Africa: Air Force to shift as U.S. exits Middle East
- Iran mulls ban on vasectomies, decrease on abortions to bolster population
- CNN op-ed claims right-wingers ‘more deadly than jihadists’
- Classes resume at high school rocked by stabbings
- ABC News accuses Center for Public Integrity of stealing Pulitzer-winning work
GM, Chrysler seek $22 billion more
“It’s not whether you buy the car or don’t buy the car,” he said, but rather whether bankruptcy would put “unbearable stress” on the whole chain of auto manufacturing and auto dealers that rely on the car companies. “It would have a cataclysmic effect on the auto industry.”
Mr. Nardelli described the additional loan he is requesting from the Treasury, which he would like to receive upon approval of his restructuring plan on March 31, as “bridge financing to get us through this economic trough.”
Chrysler is predicting that U.S. auto sales will fall to a 40-year low of 10.1 million this year before picking up again in 2010 and 2011. It hopes to pay off its Treasury loans by 2012. GM presented a significantly brighter outlook, saying it expects sales to pick up to 11.5 million to 12 million in the next year, which would enable it to return to profitability within two years.
Despite weeks of negotiations with the United Auto Workers and bondholders, the companies said they were not able to obtain concessions in key areas targeted by the Treasury when it provided loans in January: reducing GM’s $27.5 billion in public debt by two-thirds and securing agreement from the union to accept stock instead of cash contributions to their retiree health care funds.
Just before announcing the plans, however, the companies said they obtained concessions from the unions on some work rules as well as abandoning the job bank program, which provides supplemental unemployment benefits for laid-off workers.
About the Author
- U.S. Treasury warns China on currency
- IMF gives U.S. Congress year-end deadline for passing reforms
- IMF eyes 'Plan B' for reforming itself without U.S.
- Russia, China leading efforts to bypass U.S. as IMF reforms stall on Capitol Hill
- Jobs: U.S. private sector finally makes up recession's losses
Latest Blog Entries
By F.H. Buckley
Obama has taken imperious overreach to new extremes
- 'Culture of intimidation' seen in Nevada ranch standoff
- Rand and Ron Paul ride to the rescue for Bundy in Nevada standoff with feds
- Nevada Bundy ranch standoff could leave dirt on Harry Reid reputation
- WEBER: Obamacare cuts home healthcare for millions of seniors
- Atheists rush to stage Easter display: 'Jesus Christ is a myth'
- Fuel-filled wings, ability to swarm: Pentagon offers glimpse at future of drone fleet
- U.S. Navy to turn seawater into jet fuel
- CARSON: Recovering Tocqueville's vision of American exceptionalism
- GOP writes legislation to deny Attorney General Eric Holder his salary
- UNICEF launches 'Mr. Poo' mascot in India to curb public defecation
Celebrity deaths in 2014
Top 10 handguns in the U.S.