U.S. automakers meet officials on aid
TEXT OF STORY
Steve Chiotakis: Another problem industry right now is cars. The Obama administration’s auto team is in Detroit today. They’re going to try and sort out some of the uncertainty surrounding rescue plans for General Motors and Chrysler. Ashley Milne-Tyte reports.
Ashley Milne-Tyte: GM and Chrysler want another $22 billion in aid. The government has until March 31 to decide whether to hand it over.
The auto team will spend the day meeting company executives. The question is how much further restructuring can be achieved in the next few weeks. The team will also talk to members of the United Autoworkers about wages, possible layoffs and the fate of the retiree health plan.
Yesterday was a good day for GM in Canada. It came to an agreement with union members there that takes it a step closer to receiving aide from the Canadian government.
But on this side of the border, GM still has a lot of work to do. The company is hoping it can restructure billions in debt and health care obligations before the end of the month, without filing for bankruptcy.
I’m Ashley Milne-Tyte for Marketplace.
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