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Saving Detroit: It's Now or Never

Auto industry in danger of going under while lawmakers haggle over lifeline

By Rob Quinn, Newser Staff

Posted Dec 3, 2008 7:00 AM CST

(Newser) – If Congress is going to save America's auto industry it needs to quit the grandstanding and finger-pointing and take action right now, Tom Walsh writes in the Detroit Free Press. The Big Three have submitted their survival plans as requested, Walsh writes, and the figures show they aren't bluffing—they really will collapse without help.

GM and Chrysler's figures show they are in the direst need of immediate help, Walsh writes, while Ford may not survive the collapse of suppliers if the other two go down. The situation is so stark that even a bailout won’t save some 30,000 GM jobs. Still, Walsh writes, Congress must make a decision. "These are serious, sobering times," he writes. "Detroit anxiously awaits the nation’s verdict."

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The General Motors Corp. headquarters in Detroit. General Motors Corp. on Tuesday, Dec. 2 said it needs $12 billion in government loans to keep operating. (AP Photo/Paul Sancya )

General Motors CEO Richard Wagoner testifies on Capitol Hill in Washington, Wednesday, Nov. 19, 2008, before a House Financial Services Committee hearing on the automotive industry bailout. (AP Photo/Gerald Herbert)

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Mighty GM, the world’s largest industrial enterprise for much of its 100 years of existence, will run out of money to operate in a few weeks without a government lifeline. - Tom Walsh

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Saving Detroit: It's Now or Never