Cha-ching. Cha-ching. Cha-ching. The bill for the auto bailout expanded from $25 billion to $34 billion today. Groveling is hard work!
Here you go:
The heads of struggling auto giants General Motors, Ford, and Chrysler reappeared on the Hill yesterday to make their case anew. This time, they came more prepared. The most ambitious business plan proposed was by General Motors, the world’s largest auto company, currently teetering on the verge of collapse. It set out a plan to recapture revenue through deep cuts—including slashing 20 percent of its jobs, shutting nine factories, and trying to reduce pay through talks with the United Automobile Workers union.
Along with a more structured plan, however, the Big 3 also had an even bigger request: $34 billion in loans, compared with the $25 billion they’d asked for two weeks ago.
If you weren’t already feeling Scrooge-y, here’s the White House refusing to rule any bailout in or out:
The White House said Wednesday it had not ruled out that aid to troubled US automakers might total more than 25 billion dollars in an existing loan program it had insisted was the best rescue plan.
“I’m not ruling anything in or out,” spokeswoman Dana Perino said when asked about General Motors, Chrysler, and Ford’s plea for aid totalling as much as 24 billion dollars to stave off bankruptcy.
Leave your predictions for the final price tag when this lemon hits Obama’s desk.
I’m going with $70 billion.