House Speaker Pelosi calls for government’s immediate aid for auto industry
2008-11-12 18:07:51 (GMT) (Caymanmama.com - Automotive News)
House Speaker Nancy Pelosi encourages government to provide immediate assistance to the automotive industry
Washington, D.C. (CaymanMama.com) — Aid is coming soon for more industries and a recent report shows that the sagging U.S. automotive industry may and should be the next.
According to a recent report by the Associated Press, House Speaker Nancy Pelosi called for “emergency and limited financial assistance” for the suffering auto industry on Tuesday. Pelosi called for the aid effort to be done within days in a post-election session of Congress.
Just less than a week after dire financials were reported by auto giants Ford Motor Co. and General Motors Corp., Pelosi backed legislation to make the automakers eligible for assistance as part of the $700 billion bailout which Congress approved in October.
In a written statement, Pelosi said, aid was needed “in order to prevent the failure of one or more of the major American automobile manufacturers, which would have a devastating impact on our economy, particularly on the men and women who work in that industry.”
“Congress and the Bush administration must take immediate action,” she added.
Lately, the crunch being felt in the auto industry has been recognized as a dire area of improvement for the American economy by the White House, lawmakers and by the incoming Obama administration.
Last week, President-elect Obama strongly encouraged the current administration to do more to help the industry, and when Obama met with President Bush in the Oval Office on Monday, the conversation turned to how the issue could best be addressed.
CaymanMama.com - Press Release Distribution Service
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