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Democrats and Republicans alike want to impose stiff conditions on any bailout of the auto industry, from limiting executive compensation and outlawing dividends to demanding union concessions.
Cash-strapped General Motors Corp. said Monday it will delay reimbursing its dealers for rebates and other sales incentives, an indication that the company is starting to have cash-flow problems.
Company spokesman John McDonald said payments due Nov. 28 will be delayed for two weeks until Dec. 11, while those due Dec. 4 will be paid Dec. 18.
Though all sides agree that Detroit's Big Three carmakers are in peril, battered by the economic meltdown that has choked their sales and frozen loans, the White House and congressional Democrats are headed for stalemate over the government money that might go toward helping them.
Treasury Secretary Henry Paulson has told Congress the administration remains firmly opposed to dipping into the government's $700 billion financial bailout fund to provide the Big Three automakers the $25 billion rescue they are seeking.
Originally posted by marg6043
I guess that is because the 700 billion dollars now 2 trillion has been gone and done with.
In order to bail out the automakers they have to add another bail out bill.
According to CreditSights, a research firm in New York and London, the U.S. government has put itself on the hook for some $5 trillion, so far, in an attempt to arrest a collapse of the financial system