After GM and Chrysler’s appeals to Washington last week for merger assistance were rejected, negotiations were put on hold until the next administration was elected. Obama seemed to offer the more Detroit-friendly proposals, so luckily he won. And now the automakers are trying to get him to help them make a deal.
WSJ: U.S. auto makers are turning their focus to lobbying the next president for emergency aid after unsuccessful efforts to persuade the Bush administration, an official for one of the Detroit auto makers said Tuesday.
Dismal vehicle sales for October reported this week may add pressure to the Bush administration to take such steps as providing immediate low-cost loans and consumer tax credits. But administration officials have given no indication that they will act, despite lobbying by auto executives…
Some analysts have said that without outside help, one or more of Detroit’s Big Three auto makers could be headed toward bankruptcy within a year, given how quickly they are burning through cash reserves.
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