Is George Bush set to bail out the US car industry?
As the potential effects of yesterday's Congress no vote against a potential multi-billion-dollar rescue package for the US car industry starts to hit home, there is speculation this evening that George Bush is on the verge of announcing an 11th hour deal. He has received serious criticism in the US financial press where many people blame him for the current situation in the US car market.
It would appear that George Bush is on the verge of a serious U-turn which would see money which was put aside for the banking sector used to prop up the US car industry in the short term. The original deal was rejected by Congress because the automotive unions were not prepared to take a pay cut to bring their wages down to that seen in foreign car manufacturers. Whether there will be any such conditions attached to this potential 11th hour deal remains to be seen.
Even though George Bush is in the final furlong of his stint as US president there is still much to do before he hands over the reins to the incoming Barack Obama who could very much have a baptism of fire.
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