Auto bailout collapses in Senate
Negotiations to bring measure up for vote fall short, possibly dooming GM, Chrysler to bankruptcy.
By Chris Isidore, CNNMoney.com senior writer
Hopes for Congressional approval of a bailout of the U.S. auto industry appeared to fall apart late Thursday night as Senate leaders said Democrats and Republicans were unable to reach a deal [...]
Deal on $15 billion auto bailout
White House, congressional Democrats reach agreement that could bring quick vote on stopgap rescue plan.
The White House and leading congressional Democrats have reached an agreement on legislation to provide a stopgap bailout to U.S. automakers, according to officials from the administration and Congress.
White House Deputy Chief of Staff Joel Kaplan [...]
Congress, White House Near Agreement on Auto Aid, Frank Says
Congress and President George W. Bush are negotiating the final details of a $15 billion measure to rescue domestic automakers without forcing the ouster of their chief executives, House Financial Services Chairman Barney Frank said.
By John Hughes
The measure will likely be approved by Congress [...]
Accord on U.S. help for automakers
GM and Chrysler are close to getting billions in stopgap aid to stay out of bankruptcy. Pelosi changes mind on key sticking point.
By Chris Isidore, CNNMoney.com senior writer
Congressional Democrats and the Bush White House have reached an agreement in principle on providing stopgap support for the U.S. auto industry, according [...]
U.S. Auto Chiefs Appeal to Congress for Emergency Aid
The Big Three automakers renewed their plea for an emergency federal bailout, as the head of General Motors Corp. told a deadlocked Congress the industry has made some wrong turns and economic forces pushed it
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Citigroup Should Be Held Accountable, Obama Aide Podesta Says
By Edwin Chen
Nov. 28 (Bloomberg) — The U.S. government should demand accountability and changes at Citigroup Inc., as well as from automakers, in exchange for any financial assistance, a top transition official for President-elect Barack Obama said.
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Detroit: Wait until after next year
Congress wants the Big Three to produce a plan for profitability before it will approve a bailout. This could be within reach…but not until 2010.
By Chris Isidore, CNNMoney.com senior writer
NEW YORK (CNNMoney.com) — A profitable U.S. auto industry just around the corner? Given the crisis hitting the industry, it sounds [...]
Toyota Will Cut 3,000 Jobs in Japan as Car Sales Fall
By Makiko Kitamura
Nov. 21 (Bloomberg) — Toyota Motor Corp., Japan’s biggest carmaker, will cut its domestic temporary workforce by 50 percent as vehicle demand slumps globally.
Toyota will cut the number of temporary workers to 3,000 from 6,000 by the end of March, spokesman Paul [...]