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Looks like a solution to the Big 3 may be around the corner. I heard a little bit on the radio. I don't see anything yet on the web. But, there is a program out there that is to give aid to car companies for designing/producing energy efficient cars. It's sounds like they may be willing to release funds to help them out now. Someone about a vote was mentioned too. So, I'm guessing the news can clarify later tonight.

This morning, I testified in front of the House Financial Services Committee to emphasize the need for Congress to take swift action on behalf of our nation's automakers. Standing idly by as the financial crisis decimates our domestic manufacturing capabilities and pulls our fragile economy further into recession is unacceptable.

Throughout the world, the dire financial crisis continues to spur governments to provide assistance to their manufacturing industries, which are not able to obtain the credit they so vitally need to continue operations. Both Germany and the European Union are studying the possibility of providing support for their automotive industries. Australia has provided more than $4 billion in funding for its vehicle manufacturers. Automotive manufacturers in China are already voicing their expectation of financial assistance from their government as well. "The Chinese government will undoubtedly support us," says She Cairong, general manager of JAC Motors, a Chinese automobile manufacturer. This quote appeared in a New York Times article this morning, highlighting China's consideration of a plan to provide assistance to its domestic automobile companies.

The spotlight is now focused on Congress, which is considering the possibility of rescuing the industry from an economic downturn not of its own making. President-elect Obama has called the U.S. auto industry "the backbone of American manufacturing" and said that the failure of our domestic automakers would be "a disaster" for our economy. President Bush, Speaker Pelosi, and both the Majority and Minority Leaders of the Senate agree that bridge loans for our domestic automakers are necessary at this time. I will continue to work with my colleagues in the Senate and the Congressional Leadership to come up with a plan that would provide auto manufacturers with the bridge loans they need to weather this financial storm.

You can read the transcript of my testimony before the House Financial Services Committee by clicking on the following link: [http://levin.senate.gov/newsroom/...id=305099]. During these difficult times, I am doing everything within my power to convince the Congress to provide the bridge loans for the domestic auto industry that the President, the President-elect and the leaders from both houses of Congress support.
Sincerely,
Carl Levin

Bipartisan deal reached on aid for automakers
12:53 p.m. 11/20/2008 By Robert Schroeder Provided by


WASHINGTON (MarketWatch) -- A small bipartisan group of lawmakers have reached a deal to buoy the struggling U.S. automobile industry, finding common ground after two furious days of lobbying on Capitol Hill by the battered Big Three automakers.

Details weren't immediately available, but the office of Sen. Carl Levin, D-Mich., said agreement had been reached. Senators were set to speak to reporters at 2:30 p.m. Eastern Thursday.

It was not clear whether the compromise plan could draw enough support to get through the entire Senate, however, and reports were also circulating that Speaker of the House Nancy Pelosi would not go along with the compromise, and was pushing Congress to return again in December to continue working on a package.

Democrats have sought $25 billion in new loans for Ford, General Motors (GM) and Chrysler, but the White House and Republicans want the Big Three to tap into a previously approved $25 billion Energy Department loan program aimed at helping the companies retool.

Sens. Levin, Kit Bond and George Voinovich were working on the compromise to give the industry $25 billion in loans. The senators' plan would take the $25 billion from the Energy Department program. When the loans are paid back, the money would go back into the energy program.

Thursday, White House spokeswoman Dana Perino pushed Senate Majority Leader Harry Reid to allow a vote using the previously authorized Energy Department loan funds.

"We would hope that they would allow that to come up for a vote, but unfortunately, it looks like Senator Reid just wants to pick up his ball and go home for the next two weeks," she told reporters.

"And if that is the case, then one can only deduct that the Democrats don't believe that the auto industry really needs help, and really needs help now. We disagree. We think they need help," she said.

Shares of General Motors Corp. (GM) and Ford Motor Co. (F) rocketed higher on the news of the compromise.

The compromise comes after the chief executives of the companies and the head of the United Auto Workers testified before the Senate Banking Committee and House Financial Services Committee this week, arguing it would be cheaper in the long run for Washington to aid them than to let them fail.

Earlier Thursday, Ron Gettelfinger, president of the United Auto Workers union, said at a news conference that one or two U.S. auto makers could collapse by the end of the year without government assistance.

Gettelfinger said that the U.S. auto industry needs "immediate assistance" from the Bush Administration and Congress, and that Congress must not adjourn without some sort of agreement.

Meanwhile, helping the automakers is proving unpopular with voters. Nearly half of U.S. voters -- 48% -- say it is better for the economy to let companies like GM fail rather than providing government subsidies to keep them in business, according to a Rasmussen Reports poll released Thursday.

My subway gift cards just arrived...

My subway gift cards just arrived...

I got my Swedish Fish t-shirt in the mail yesterday with candy. It's so completely cool!

aww I hope mine comes soon!

My subway gift cards just arrived...

Good Afternoon !

I got my Swedish Fish t-shirt in the mail yesterday with candy. It's so completely cool!

That's old news, actually. The money for retooling and energy alternative vehicles won't help at all if they run out of operating funds before the end of this year or in the first quarter of next year.