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| Version 2 | Version 3 |
|---|---|
| US in new push for auto bailout | US in new push for auto bailout |
| (about 4 hours later) | |
| The US authorities are stepping up efforts to agree a deal worth billions of dollars to bail out the country's three big carmakers. | The US authorities are stepping up efforts to agree a deal worth billions of dollars to bail out the country's three big carmakers. |
| Congress and the White House will hold talks over the weekend on a deal after two days of Congressional hearings. | Congress and the White House will hold talks over the weekend on a deal after two days of Congressional hearings. |
| A White House spokesman said progress was expected, and House Speaker Nancy Pelosi said she wanted a vote on the package next week. | A White House spokesman said progress was expected, and House Speaker Nancy Pelosi said she wanted a vote on the package next week. |
| Her comments followed news of huge job losses in the US in November. | Her comments followed news of huge job losses in the US in November. |
| In a dramatic indication of the worsening economic situation, the unemployment rate rose to a 15-year high of 6.7% from 6.5% in October, with more than 533,000 jobs lost. | In a dramatic indication of the worsening economic situation, the unemployment rate rose to a 15-year high of 6.7% from 6.5% in October, with more than 533,000 jobs lost. |
| President-elect Barack Obama has called for urgent measures to stimulate the economy and get people back to work. | President-elect Barack Obama has called for urgent measures to stimulate the economy and get people back to work. |
| "There are no quick or easy fixes to this crisis...and it's likely to get worse before it gets better," he said in response to the announcement. | "There are no quick or easy fixes to this crisis...and it's likely to get worse before it gets better," he said in response to the announcement. |
| Hope of progress | Hope of progress |
| Bosses from the three big car companies, General Motors, Ford and Chrysler, appeared before two Congressional committees pleading for $34bn (£23bn) to prevent collapse. | Bosses from the three big car companies, General Motors, Ford and Chrysler, appeared before two Congressional committees pleading for $34bn (£23bn) to prevent collapse. |
| The car manufacturers have warned that the collapse of any one of them would have disastrous effects on the whole US economy. | The car manufacturers have warned that the collapse of any one of them would have disastrous effects on the whole US economy. |
| But there has been considerable opposition to a bailout plan - critics say the car manufacturers need to first show they can be more efficient. | But there has been considerable opposition to a bailout plan - critics say the car manufacturers need to first show they can be more efficient. |
| But politicians who back the plans say to do nothing would be a disaster. | But politicians who back the plans say to do nothing would be a disaster. |
| DETROIT'S BIG THREE US November car sales compared with a year earlier: GM: down 41% to 154,877Ford: down 30% to 118,818 (excluding Volvo)Chrysler: down 47% to 85,260 Why are the big carmakers in trouble? Late on Friday, White House spokesman Anthony Warren said: "We continue to talk with Congress and we hope to make progress this weekend." | DETROIT'S BIG THREE US November car sales compared with a year earlier: GM: down 41% to 154,877Ford: down 30% to 118,818 (excluding Volvo)Chrysler: down 47% to 85,260 Why are the big carmakers in trouble? Late on Friday, White House spokesman Anthony Warren said: "We continue to talk with Congress and we hope to make progress this weekend." |
| The Democratic Senate majority leader, Harry Reid, said that support and co-operation from Republicans would determine when a vote would happen and whether it will succeed. | The Democratic Senate majority leader, Harry Reid, said that support and co-operation from Republicans would determine when a vote would happen and whether it will succeed. |
| President George W Bush earlier said he wanted Congress to act next week on a rescue plan for the car industry by modifying a $25bn fund which was set up to promote fuel-efficient technologies. | President George W Bush earlier said he wanted Congress to act next week on a rescue plan for the car industry by modifying a $25bn fund which was set up to promote fuel-efficient technologies. |
| Congressional Democrats have opposed this move and insisted the money should come from the bank rescue fund, known as the Troubled Asset Relief Programme (TARP). | Congressional Democrats have opposed this move and insisted the money should come from the bank rescue fund, known as the Troubled Asset Relief Programme (TARP). |
| But Ms Pelosi appeared to suggest that the $25bn fund could be used under certain conditions. | But Ms Pelosi appeared to suggest that the $25bn fund could be used under certain conditions. |
| "We will not permit any funds to be borrowed from the advanced technology programme unless there is a guarantee that those funds will be replenished in a matter of weeks so as not to delay that crucial initiative," she said. | "We will not permit any funds to be borrowed from the advanced technology programme unless there is a guarantee that those funds will be replenished in a matter of weeks so as not to delay that crucial initiative," she said. |
| "Regardless of the source, all funding needs will be tightly targeted with vigorous supervision and guaranteed taxpayer protection." | "Regardless of the source, all funding needs will be tightly targeted with vigorous supervision and guaranteed taxpayer protection." |
| Do you work at one of the three affected companies? Is the bailout deal a good idea? Please send your comment using the form below: | Do you work at one of the three affected companies? Is the bailout deal a good idea? Please send your comment using the form below: |
| In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. | |