LIVEBLOG: President Obama’s press conference on the Auto Industry
Filed under: Government/Legal, Chrysler, LLC., GM
President Obama is scheduled to give a press conference today at 11:00 AM EST today in which he’ll officially reveal his plans for the U.S. auto industry. Stay tuned and keep hitting refresh on your browser to learn the latest.
Hightlights - Follow the jump for full liveblog
- Gov’t will give GM adequate working capital to survive next 60 days
- Working capital up to $6 billion will be provided to Chrysler for next 30 days, during which time an acceptable deal with Fiat must be struck
- Chapter 11 bankruptcy still an option
- NEW TAX BENEFIT (for vehicle’s purchased between 2/16 and end of year): Deduct cost of any sales tax or excise tax.
- Cash for Clunkers incentive (get money to trade in old car and buy new one): Obama wants to make this happen and make it retroactive, work with Congress to carve out funds from Recovery Act to pay for it.
- Designating a new Director of Recovery for Auto Communities and Workers
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LIVEBLOG: President Obama’s press conference on the Auto Industry originally appeared on Autoblog on Mon, 30 Mar 2009 11:02:00 EST. Please see our terms for use of feeds.
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