WASHINGTON / DETROIT (Reuters) – A $ 2 trillion economic bailout package before the US Senate on Wednesday will send the federal government to rescue the auto industry a second time in decades.
FILE PHOTO: General Motors assembly workers attach the engine to the chassis of the 2019 Chevrolet heavy pickup at the General Motors Flint assembly plant in Flint, Michigan, USA February 5, 2019. REUTERS / Rebecca Cook / File Photo
Carmakers are afraid of being tagged for seeking a new government bailout shortly after the government-sponsored automobile restructuring in 2009. Detroit did not seek industry-specific support. , instead, the whole economy needs urgent access to liquidity.
Republican Senator Pat Toomey said on Wednesday, what he called the largest government intervention in the economy in world history, spent $ 454 billion to make loans. or guarantee companies in all sectors, as well as states.
Toomey, who told reporters about a conference call that the Ministry of Finance could then lend, buy loans or buy the company's debt, is likely going to be used to promote more money from loans from the Federal Reserve. could be a big boost for automakers.
Industry officials, especially at General Motors Co., were eager to avoid the appearance of a federal bailout. Affected sales and the No. 1 U.S. automaker nicknamed the Government Motors Motors after $ 50 …
. (tagsToTransem)) Car and truck manufacturers (TRBC) (t) Available images (t) Government / Politics (t) Corporate debt (t) Car and auto parts (TRBC) (t) Major news (t) US Government News (t) Labor / Human Resources (t) Image (t) United States (t) Lending