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REP. PASCRELL MEETS WITH LOCAL AUTO DEALERS, REQUESTS NEW TAX INCENTIVES TO STIMULATE SALES

Article from: US Fed News Service, Including US State News Article date: November 13, 2008

Rep. Bill Pascrell Jr., D-N.J. (8th CD), issued the following news release:

U.S. Rep. Bill Pascrell, Jr. (D-NJ-08) today held a roundtable with Passaic County automobile dealership owners to discuss the struggling auto industry and ways for Congress to stimulate business at local dealerships.

With valuable input from the roundtable, Pascrell drafted a letter to House Speaker Nancy Pelosi requesting that a number of emergency consumer tax deductions and credits be considered should Congress move to aid the auto industry.

"I will not sit idly by and watch local car dealers struggle in the ...

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GM Calls for Help

Posted Oct 14, 08 12:07 PM CDT in US,  Business 

GM Calls for Help
Source: AP Photo/Jon Super

(Newser) – General Motors is not thinking of filing for bankruptcy, Reuters reports. Instead, an exec said, "There is a strong need for coordinated federal action" to weather the economic crisis as US auto sales slide. Filing for bankruptcy "would not benefit our customers, our dealers, or our employees," she noted.

Source: Reuters

More about:  Financial Crisis • bailout • auto industry • General Motors • Detroit • auto sales • US automakers • loan

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Why Asian Automakers Don't Want Detroit to Fail

Big Three bankruptcy would disrupt supply chain, further sour US economy

CNNMoney Dec 16, 08 11:01 AM CST
(Newser) - As Detroit’s Big Three await word on the fate of their much-needed bailout, an unlikely group of supporters has assembled in their corner: foreign automakers. A collapse of General Motors, Ford, or Chrysler would devastate overseas manufacturers as well, CNNMoney reports, spreading bankruptcy to suppliers around the globe and forcing dealer networks worldwide to replace failed brands. More »

More about:  Financial Crisis • bailout • auto industry • General Motors • Detroit • Ford • Chrysler • Toyota • Big Three • Honda • Nissan • Tata Motors

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 Dark Day for Detroit 

Bailout collapse leaves state fretting over future

Detroit Free Press Detroit Free Press Dec 12, 08 2:36 AM CST
(Newser) - Detroit's bailout has crashed and burned, casting a pall on Michigan's future, the Detroit Free Press writes. The state knows the pain that comes with tough times in the auto industry all too well, and it's "incredible" that any American lawmaker "could want to watch these hard times turn so much harder for so many people," notes a Press editorial. More »

More about:  bailout • auto industry • General Motors • Detroit • Ford • Chrysler • Michigan • United Auto Workers • US automakers

 Dodd Endorses 
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Associated Press Associated Press Dec 4, 08 10:57 AM CST
(Newser) - Sen. Chris Dodd welcomed the Big Three CEOs back to the Senate Banking Committee today by declaring his support for an auto bailout, the AP reports. Chariman Dodd said inaction would be akin to playing “Russian Roulette with the economy.” He praised the automakers for making a better case for assistance than the financial industry, which won a $700 billion rescue plan. More »

More about:  Financial Crisis • Congress • bailout • auto industry • General Motors • Detroit • Ford • Chrysler • Harry Reid • Chris Dodd • Senate Democrats


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