Obama on top of auto-industry plans

Turkmenistan News.Net
Saturday 15th November, 2008

In the US, an auto industry rescue plan is being drafted by top advisors to president-elect Obama.

Obama is known to be considering the possibility of an 'auto czar' to ensure government money to the auto industry will be spent wisely.

Estimates of the cost to fix Detroit's three largest automakers has continued to mount and advisers have already confirmed Obama wants oversight to ensure the automakers will remain financially viable.

Since Detroit was given a $25 billion loan package, the economic downturn has worsened, pulling down auto sales to their lowest level in more than two decades.

An increasing number of analysts say the cost of reviving the American auto industry is likely to be ongoing.

It is expected a General Motors bailout alone could exceed $21 billion.

A new $25 billion loan package is likely to face its first vote this week in the Senate.

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