The White House opposed the Democratic bid. Action that will make U.S. automakers to drop lawsuits against cutting tailpipe pollution. “Progress is being made” said Nancy Pelosi, speaker of the U.S. House of Representatives.
Measures taken by the Democrats allows General Motors Corp. and Chrysler LLC to avoid bankruptcy until March next year. Unless the market conditions get any worse, Ford won't break the piggy bank emergency account of up to $9 billion.
Car demands in the U.S. have dropped in the past two months to their lowest level in the past 25 years, which is quite mind blowing number considering the fact that the U.S. has the largest consumer market in the world.
"We're still working through a number of issues, some of them just small and technical and other ones a little bit more meaty," White House representative Dana Perino said. Apparently, if these Issues are not straighten out, they could be the major factors in the extinction of the Big 3.
One of the clause of the $15 billion loan is the Democrat's proposal to force the U.S. automakers to make the government their biggest shareholder, an action that in the future could affect their decision making. It will mean that the government will own more than half of some major U.S. car manufacturers.