The U.S. Senate Commerce, Science and Transportation Committee will hear from General Motors and Chrysler executives about dealership closures Wednesday.
Top news outlets, including the Associated Press, The New York Times, and The Wall Street Journal are reporting that the Obama administration is poised to announce, possibly as early as Tuesday, a one-size-fits-all standard for fuel efficiency for all cars and light trucks by 2016.
As Chrysler enters bankruptcy and General Motors restructures with government funds, Ford remains viable. That’s according to longtime automotive writer Jerry Flint.
When President Bush announced a government loan to General Motors and Chrysler last week, he called for the end of the jobs bank program, which provides benefits and partial wages for laid-off employees.
General Motors and Chrysler stand to receive $17.4 billion in federal loans if they can restructure their businesses toward profitability.
With the heads of the Big Three automakers in Washington asking for financial assistance, local United Auto Workers union members are encouraging Congress to approve loans for the companies.