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Detroit Urges President to Help Big 3

ACCE Webmaster on Tuesday, December 16, 2008 at 11:02:23 pm

Since efforts to pass a bridge loan for automakers stalled and ultimately failed in the Senate late last week, Detroit is working hard to persuade the Bush administration to help the Big 3 stay afloat and avoid bankruptcy.  The Detroit Regional Chamber of Commerce is on the front lines leading the push.

"It's extremely important to the nation's economy for the Bush administration to provide the loans needed to help the American auto industry survive the current global economic downturn, drastically falling sales and a severe credit crunch," said Richard Blouse Jr., president and CEO of the Detroit Regional Chamber.  "Allowing any of the domestic car companies to collapse would undermine an already weak economy and affect millions of jobs in every state."

Automakers are arguing that bankruptcy is not a viable option considering the number of choices available to consumers.  They also warn that a failure by one of the Big 3 would forcedozens of suppliers to close and ultimately drag down the entire industry.  The latest reports from the White House suggest that an auto loan may come from the $700 billion allocated for the financial rescue earlier this fall. An announcement could come as early as tomorrow.

To help make their case and provide supporters a mechanism to voice their opinion, the Detroit Chamber has set up www.vote4biz.com. Website users have already sent more than 17,000 emails to Washington D.C. in support of the American auto industry.  

Sarah Hubbard, vice president of Government Relations at the Detroit Chamber, has also launched the Vote4Biz Blog to share the latest information.

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