The Obama administration has no plans at this time to offer additional funding to support auto suppliers following a meeting last week in which suppliers asked for as much as $10 billion in new aid.
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GM, which has declined to name individual dealers, released the state-by-state list for the first time yesterday to a House Energy and Commerce subcommittee. And lawmakers vented their frustration, demanding that GM and Chrysler executives provide even more detailed explanations of their restructuring decisions. Read more »
Less than two weeks after President Barack Obama promised a hands-off approach to the bankrupt car maker's day-to-day operations, politicians are busy interfering with the car maker's day-to-day operations. Even Sen. Bob Corker (R., Tenn.), who upbraided the Big Three CEOs at hearings last November, is now working to save GM's Spring Hill plant from permanent closure.
With about 2,000 Chrysler and General Motors dealers losing their franchises as the companies retrench, car dealers are pressing Congress to reverse what they see as an unfair process forcing some profitable businesses to close or stop selling new autos, with no explanation from the manufacturers of why they were singled out. Read more »