After squirreling themselves away in the oak-paneled halls of justice to squabble over the fine print of the auto bailout, lawmakers hint that a final draft of the auto bailout bill could be approved sometime today. On Fox News Sunday, Sen. Carl Levin (D-Mich.) projected confidently, “I think they’re very close to a deal, I’m very confident there will be a deal, and that will happen within 24 hours.”
While any sort of federal aid would be welcome relief to both rapidly sinking automakers, Chrysler and General Motors, $17 billion is significantly less than the $34 billion the Detroit 3 originally claimed was needed to keep the domestic auto industry afloat. Perhaps sensing the unlikelihood of Washington being so generous, Ford has since distanced itself slightly from the congressional proceedings and stated that its future survival does not depend on any federal aid. Admittedly in much dire straights than their Dearborn cousin, both Chrysler and General Motors have made it abundantly clear that the $7 billion and $12 billion they respectively seek is critical to their survival. Using rudimentary arithmetic skills, it is obvious that should $17B be the final offer, it will still leave two-thirds of Detroit in quite a financial pickle.
Source: Detroit Free Press