Detroit Offered $17.4b: ; Automakers Happy; Uaw, Republicans Displeased with Bush Bailout for U.S. Firms
Charleston Gazette › December 22, 2008
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Summary
WASHINGTON - Citing imminent danger to the national economy, President Bush ordered an emergency bailout of the U.S. auto industry Friday, offering $17.4 billion in rescue loans and demanding tough concessions from the deeply troubled carmakers and their workers.
Detroit's Big Three cheered the action and vowed to rebuild their once-mighty industry, although they acknowledged that the road would be anything but smooth as they fight their way back from the brink of bankruptcy.See the full content of this document
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Detroit Offered $17.4b: ; Automakers Happy; Uaw, Republicans Displeased with Bush Bailout for U.S. Firms
The autoworkers union complained that the deal was too harsh on its members, while Bush's fellow Republicans in Congress said it was simply bad business to bail out yet another big industry.
Bush, who signed the massive $700 billion rescue for financial institutions only this fall, said he was reluctant to approve yet another government bailout of private busine...See the full content of this document
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