Mich Rep: Auto Task Force Could Make Announcement Next Week
March 18 2009 - 2:45PM
Dow Jones News
Members of President Barack Obama's auto task force told U.S.
lawmakers that it might make an "illuminative" announcement as
early as next week on bailout requests by General Motors Corp. (GM)
and Chrysler LLC, an auto-industry ally on Capitol Hill said
Wednesday.
During a meeting this week, task force members told lawmakers to
expect "something very illuminative" possibly next week, Rep.
Candice Miller, R-Mich., told reporters during a conference
call.
Miller said the announcement may not necessarily involve a final
decision by the task force but that it "could certainly give us a
bit of a road map of where their recommendations may lead."
The task force is considering requests by GM and Chrysler for
almost $22 billion combined in new loans. GM and Chrysler are
supposed to submit updated restructuring plans, including
concessions by union workers and debtholders, by March 31.
The task force is also considering a request by auto parts
suppliers for aid programs totaling $25.5 billion. The request by
the suppliers, many of which serve multiple auto makers, is
believed to be more pressing.
-By Josh Mitchell, Dow Jones Newswires; 202-862-6637;
joshua.mitchell@dowjones.com