Recently, reports have surfaced that President-elect Obama has been meeting with President Bush, as well as various Bush Administration officials, in an earnest attempt to encourage the passage of an additional $50 billion dollar government bailout. In contrast to the $700 billion emergency assistance Bush reluctantly rendered to Wall Street in early October, this new $50 billion dollar stimulus package would be solely intended to aid the publicly distraught Detroit 3.
Obviously unimpressed with the doomsday scenarios that have been trotted before them, the Bush administration has made it clear that the only funding they will be offering automakers will be that which they qualify for under the terms of the new energy bill. As per the conditions of the bill, automakers may be eligible to receive up to $25 billion dollars in federal loans to fund the production of certain types of hybrid vehicles. On Monday, Chrysler LLC became the first of the Detroit 3 to apply for a portion of that loan, and while Ford CEO Alan Mulally has expressed that Ford is not in any immediate need of federal assistance, he has confirmed that they will need to take advantage of the generous resources in the near future. General Motors, on the other hand, is not satisfied with the current remedy and has been aggressively pressuring Capital Hill to dig into their wallets a little deeper. Diplomatically choosing to downplay their desperation, GM spokeswoman Renee Rashid-Merem explained, “We’ve implemented a lot of activities that are more than $20 billion in savings by the end of 2009, and we are going to remain focused on those initiatives internally, and at the same time we have approached the government for potential funding.”
Seeking a savior in newly anointed chosen one, Michigan lawmakers have rallied behind President-elect Obama in his quest to coerce the current administration into approving a second stimulus package. “It is our view that providing emergency assistance to this uniquely important industry, which is struggling to meet the challenge of a severe financial crisis that has spread far beyond Wall Street, is consistent with the authority granted to [him],” lobbyists explained in muffled voices, as they prostrated themselves before the President-elect.