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Automakers
Denied Auto Loan
The auto
industry is looking at some very trying
times ahead, as Congress chooses not to
vote for an auto loan that would help them
out of the mess that they are in. The auto
industry has been working for months to
try and come up with a plan that Congress
would support so that they could get an
auto loan and keep from having to lay off
employees. However, Congress has chosen
not to support the auto makers at this
time.
This is a huge blow for the auto making
industry, and they are quick to point out
that they have made numerous concessions
to try and keep those that are employed in
their jobs. Should one of the big three
fall, they maintain, the country will be
headed for a true depression. They have
asked Congress for a $34 billion aid plan,
but have been denied.
The big three are responsible for millions
of jobs in our country, and without the
auto loan that they have requested; the
country could be looking at an even harder
time of coming back from this recession.
The automakers sent Congress plans on how
to survive with the auto loan, and the
next day Sen. Harry Reid told The
Associated Press in an interview that they
just didn’t “have the votes to do that
now."
This means that in the next couple of
months, unless something changes, without
the auto loan at least one of the big
three will be closing its doors, if not
all three of them. They have made it very
clear that without the assistance they are
going to have to close and with it put
millions out of work.
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2008
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