President Bush offered the American auto industry short-term financing that will be drawn from the $700 billion dollar Wall Street rescue program. Guests: Micheline Maynard, New York Times and Todd Zwillich, Capitol News Connection.
Congress and the big three automakers are waiting to see if and when the White House will step in with a helping hand for the industry. Congress blocked an emergency loan package, and now the White House says it may bail out the industry temporarily.
The United Auto Workers Union says it will adapt to tough times in the auto industry by making concessions that may affect members’ wages, health care and pensions. The Takeaway talks to Ken Mefford, a third-generation auto worker.
Treasury Secretary Hank Paulson said yesterday he would do whatever it takes to lift the economy. This latest rescue move is the first time both the Treasury and Fed have teamed up to lend a helping hand directly to consumers.
