Obama Team Weighs Streamlined Auto Bankruptcy

CEOs of America's automakers will renew plea for bailout today

(NEWSER) - The Big Three CEOs are heading back to Washington this week, and this time two of them will be driving, the Wall Street Journal reports—Alan Mulally in a Ford Escape hybrid, and Rick Wagoner in a Chevrolet Malibu hybrid. The CEOs will attempt Thursday to persuade Congress to extend them $25 billion in low-cost loans, based on reorganization plans to be submitted today. More»

CEOs to make their case to the House tomorrow

(NEWSER) - The CEOs of the Big Three wrapped up a six-hour session with the Senate Banking Committee during which they asked for a minimum of $34 billion in aid, the Washington Post reports. Chairman Chris Dodd vowed to draft a bill “in the next 24-48 hours" that stood a chance of passing both houses and ducking a Bush veto. The execs face the House Financial Services Committee tomorrow. More»

(NEWSER) - The CEOs of the Big Three automakers told the Senate today that a $25 billion bailout of the industry is necessary to prevent "catastrophic" effects on the economy, the New York Times reports. “If the domestic industry were allowed to fail,” said GM's Rick Wagoner, it would mean “three million jobs lost within the first year.” Meanwhile, Chrysler's Robert Nardelli disclosed that his company, like GM, is on the verge of bankruptcy. More»

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

(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»

McConnell, GOP move further away from supporting Detroit aid

(NEWSER) - As Republican resistance to the $14 billion auto-industry bailout mounted, proponents flogged today's dismal unemployment figures to bolster their case, Politico reports. Mitch McConnell abandoned the White House, which continued to push the bill; the Senate minority leader unexpectedly said the measure "promises taxpayer money today for reforms that may or may not come tomorrow," The Hill reports. It's unclear when the Senate will vote on the legislation, which cleared the House yesterday. More»