General Motors announced today that it's taking a pass on $2 billion in loans that were previously requested last year for the month of March. The automaker cites "company-wide cost reduction efforts as well as pro-active deferrals of spending previously anticipated in January and February" as the reasons for why it's withdrawing the request for money. GM advised the President's Task Force on the Auto Industry of the development this week and revealed the news today at the bottom of a press rele
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It's taken two rounds of Congressional hearings, some major pride swallowing and three detailed business plans, but it looks as if the Detroit 3 will be getting the federal loans they need, though not as much they asked for. A deal was reportedly reached between Democratic leaders and the White House that will supply around $15 billion in federal loans to the struggling U.S. auto industry. While General Motors, Ford and Chrysler asked for a combined maximum of $34 billion, the $15 billion is des
Word on the street is that President elect Barack Obama spent some time in the oval office yesterday with current President Bush talking about the auto industry, and the junior Senator from Illinois urged the President to address the automakers' dire situation post haste. The President seems to be on the same page, with word coming out of the White House that it would consider a congressional proposal to carve out $25 billion of the nation's $700 billion bailout plan just for the auto industry.