Chrysler Wants $3 Billion More
See, the failing car-maker originally wanted $7 billion, but only got $4. Fortunately, Treasury is happy to accommodate:
Chrysler is the only one among Detroit’s Big Three automakers seeking immediate additional aid. General Motors Corp. said it had no plans to seek more aid beyond the $13.4 billion the U.S. Treasury Department is loaning it from the $700 billion Wall Street rescue fund, known as the Troubled Asset Relief Program, or TARP.
Ford Motor Co. said Sunday that it would not seek a $9 billion line of credit as planned because the company was satisfied that it would receive government help if auto sales weaken substantially this year.
“All the mechanisms are in place that if (the economy) really degraded, then we’d be able to ask for help, but right now we have no plan to do that,” Ford CEO Alan Mulally told The Detroit News on Sunday.
Treasury says the deal might be finished by Friday. The Chrysler folks say they might not make it to March 31 without it.
In related news, Obama wants the other half of the TARP funds authorized as “ammunition” to use on the economy.