By HUMBERTO SANCHEZ, CongressDaily
Aid to the Big Three automakers should come from an existing $25 billion industry loan program, the White House said today, but officials declined to comment on the long-term viability plans the manufacturers unveiled Tuesday, which seek up to $34 billion in loans and credit.
Noting that administration officials were reviewing the proposals, White House Press Secretary Dana Perino said it is too early to assess the submissions. Officials at the Treasury and Commerce departments are evaluating the proposals. "Let us have a chance to look at their plans... and let's see what support it can get on Capitol Hill," she said.
Perino's comments came ahead of hearings scheduled for Thursday and Friday, when executives of Ford Motor Co., General Motors Corp. and Chrysler LLC will make their case for the aid. The CEOs' meeting with lawmakers will be their second attempt at getting federal aid. After hearings two weeks ago, when the executives were taken to task for bad business decisions, lawmakers told the CEOs to develop viability plans by Tuesday.
President-elect Obama took a wait-and-see approach to the automakers' plans. "There will be hearings over the next two days, and I want to wait and see specifically what is said during those hearings," Obama said in Chicago after announcing that New Mexico Gov. Bill Richardson was his choice for Commerce secretary. "It appears... this time out the executives from these automakers are putting forward a more serious set of plans."
Obama added that it's important for any government aid to be "based on realistic assessments of what the auto market is going to be and a realistic plan for how we are going to make these companies viable over the long term." Obama said it was premature to discuss where the funding should come from.
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