Bush Paves the Way for Auto Funds
The $25 billion loan package was conditioned by a few terms, such as the target of the funds which strictly required involved companies to concentrate on fuel efficient models that could help them revamp sales and restore their financial status.
According to Autonews, the Bush administration recommended the Congress to approve review the initial loan package but also to reconsider the restrictions and allow the Detroit 3 to use funds into a wide range of activities.
“The White House and some Republicans in Congress have resisted plans to designate some of the financial rescue money for automakers. Democratic leaders in Congress plan to take up bills that would do just that next week,” Autonews wrote.
Detroit 3, made of Chrysler, General Motors and Ford, urged the Congress to approve the $25 billion funding and even started a few campaigns demanding citizens and employees to support them. While General Motors sent a letter to about 29,000 employees asking them to contact their lawmakers and urge them to approve the loan package, Chrysler set up a special video urging US residents to do the same thing in order to preserve jobs and rescue the nation's financial system.