Democrats plead automakers' case to Treasury [View All]

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Source: CBS Marketwatch

- Democratic leaders in Congress took up the domestic automakers' plight with the Bush administration Saturday, asking for a financial lifeline for an industry battered by an historic drop in sales that has led to massive losses and job cuts.

"A healthy automobile manufacturing sector is essential to the restoration of financial market stability, the overall health of our economy, and the livelihood of the automobile sector's workforce," House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid said in a letter to Treasury Secretary Henry Paulson.

Top executives from Detroit's ailing automotive trio on Thursday pleaded their case for federal aid to Congress, a day before General Motors Corp.handed in more heavy losses and raised alarms about their cash burn rate.

All three automakers are looking to speed up access to the $25 billion in low-cost loans written into last year's energy bill and to potentially get approval for an additional $25 billion. New interim rules have been hammered out by the Energy Department that could allow for quicker access to the loans.

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