Big Three to Get Check From Government

[ThePhoenix]

http://abcnews.go.com/Business/story?id=5904195&page=1

It's been an expensive month for taxpayers, with a succession of Wall Street institutions seeking government help. And now, add Detroit's Big Three to the list of those in line for a bailout.

"It's a reflection of how far the mighty have fallen," said auto analyst John Casesa, managing partner of the Casesa Shapiro Group.

After years in the red, General Motors, Ford and Chrysler are now betting on green technology. The automakers hope by 2010 to replace their current losing lineup of gas-guzzlers with next-generation hybrids and electric plug-ins.

It's no small feat. Factories will have to be retooled, and that requires time, money and good credit -- three big things the Big Three lack -- and so, for the past 18 months, Detroit has been lobbying Congress for up to $50 billion in loan guarantees. Loans of $25 billion were budgeted in last year's energy bill, and this weekend Congress cut the check -- a move separate from the massive Wall Street bailout effort.