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Auto industry gets lifeline

Conservative Republicans criticized the auto bailout, but President-elect Barack Obama called President Bush's move a "necessary step."

In a dramatic move aimed at preventing the US auto industry from imminent collapse, President Bush announce that the government will provide about 17.4 billion dollars and low interest loans to General Motors and Chrysler, bankruptcy by any of the Big Three, he said would almost guarantee the failure.

Given the current stage of the auto industry and the economy, chapter 11 is unlikely to work for American auto makers at this time.

Ford in a statement said its liquidity is adequate and didn't need the government loan, but Rick Wagoner the CEO of the General Motors said his company would access billions of loan dollars immediately and will now focus on fully implementing its restructuring plan.

People will be/ should have a lot of confidence, not only General Motors, but the US industry is on the right path, and as we execute the plans we have laid out, that the future of the industry could be extremely bright.

Well, many conservative Republicans criticize the auto bailout is throwing good money after bad, president-elect Barack Obama had a news conference in Chicago announcing his latest cabinet choices, called president Bush's move " a necessary step" for the auto industry.

“They should seize on this opportunity over the next several weeks and months to come up with a plan that's sustainable, and that means they gotta have to make some hard choices.”

In fact, the three-year loans to GM and Chrysler come with conditions, such as requiring the companies to prove by March 31st, that they can become viable, Fran leeway of equity auto industry analyst at Standard & Poor’s.

No matter what that viability plan is /is gonna take to some significant additional funding come March 31st to get these companies through 2009.

That's a prospect that Barack Obama will soon confront when he takes on the problems of the auto makers upon taking office in just one month.

John Deckers, Reuters.

文本参考中文翻译

保守的共和党抨击汽车行业救市计划，但是当选总统奥巴马称布什总统的举动是“必须的一步”。

为了防止美国汽车行业即将崩溃，布什政府采取戏剧化举动。布什总统宣布，政府将向通用汽车和克莱斯特提供174亿美元低利率贷款。他说，三巨头任何一家破产都将导致整个行业崩溃。

鉴于此前目前汽车行业和整体经济状况，破产法第11章不适用于目前的美国汽车制造商。

福特汽车最近发表声明说，他们有足够的流动资金，不需政府贷款。但是通用汽车CEO表示，他们公司马上需要数十亿美元的贷款，会将精力全部集中于企业重组计划。

人们应该充满信心，不只是通用汽车，整个汽车行业都走上了正轨。只要我们实施发布的计划，汽车行业的未来将是非常光明的。

许多保守的共和党人批评说，对汽车行业进行救市等于将钱扔进火坑。当选总统奥巴马在芝加哥召开新闻发布会宣布最新的内阁成员。会上称布什总统的举动对汽车行业是必须的一步。

“他们必须抓住机会在未来的几周甚至几个月之内实施可持续发展的计划，这意味着他们必须做出艰难的选择。”

Fran leeway是标准普尔公司汽车行业资产平衡分析家。他说，实际上，政府给通用和克莱斯特为其三年的贷款是有条件的，比如，要求他们在明年3月31号之前必须自力更生，重新盈利。

无论他们能不能实现自力更生，这次贷款都给他们提供了额外的资金，使汽车行业得以挺过2009年。

这是奥巴马1月份执政后最先面临的问题。