Monday, March 30th, 2009 at 12:53 pm
This morning the
President announced that his Auto Task Force has completed its evaluation of the viability of General Motors and Chrysler in light of their requests for federal assistance. In addition to releasing the viability assessments, he also released a new policy with the American government guaranteeing warrantees for cars from those companies to ensure that if you have one it "will be safer than it's ever been":
In the course of his remarks, the President pledged in no uncertain terms that he would not simply stand by and watch the American auto industry fail. He pledged to work with Congress on further action. And he made clear that the government has no interest in running these companies.
In broader terms, he laid out early what led to his decisions announced today, the bottom line being that the Task Force has determined the companies’ submitted plans to restructure simply do not go far enough:
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