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锘?!DOCTYPE html PUBliC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><html xmlns="http://www.w3.org/1999/xhtml"><head><title>Auto Industry Executives Renew Appeals for Emergency Loans - VOA Standard English In 2008</title><meta http-equiv="Content-Type" content="text/html; charset=utf-8" /><meta content="all" name="robots"/><meta content="VOA Standard English In 2008, Auto Industry Executives Renew Appeals for Emergency Loans" name="description" /><meta content="VOA Standard English In 2008" name="keywords" /><link rel="stylesheet" type="text/css" href="/images/style.css" /><link rel="stylesheet" type="text/css" href="/images/text-small.css"  title="Small Text" /><link rel="alternate stylesheet" type="text/css" href="/images/text-medium.css" title="Medium Text" /><link rel="alternate stylesheet" type="text/css" href="/images/text-large.css" title="Large Text" /></head><body><div><img id="logo" src="/images/voa.gif"  alt="VOA" /></div><div id="nav"><a title="VOA" href="http://www.51voa.com/"><b>缇庡浗涔嬮煶</b></a> > <a href="http://www.51voa.com/VOA_Standard_English/index.html">VOA Standard English</a> > <a href="http://www.51voa.com/VOA_Standard_1.html">VOA Standard English In 2008</a> <script type="text/javascript" src="/images/notice.js"></script></div><div id="leftMainContainer"><div id="leftNav"><div class="leftN_title">VOA Standard English</div><ul><li><a href="/VOA_Standard_1.html">VOA Standard English <img src=/images/new.gif border=0></a></li> <li><a href="/VOA_Standard_1_archiver.html">VOA Standard English Archives </a></li> </ul><div class="leftN_title">VOA Special English</div><ul><li><a href="/Development_Report_1.html">Development Report</a></li><li><a href="/This_is_America_1.html">This is America</a></li><li><a href="/Agriculture_Report_1.html">Agriculture Report</a></li><li><a href="/Science_in_the_News_1.html">Science in the News</a></li><li><a href="/Health_Report_1.html">Health Report</a></li><li><a href="/Explorations_1.html">Explorations</a></li><li><a href="/Education_Report_1.html">Education Report</a></li><li><a href="/The_Making_of_a_Nation_1.html">The Making of a Nation</a></li><li><a href="/Economics_Report_1.html">Economics Report</a></li><li><a href="/American_Mosaic_1.html">American Mosaic</a></li><li><a href="/In_the_News_1.html">In the News</a></li><li><a href="/American_Stories_1.html">American Stories</a></li><li><a href="/Words_And_Their_Stories_1.html">Words And Their Stories</a></li><li><a href="/People_in_America_1.html">People in America</a></li></ul><div class="leftN_title">VOA English Learning</div><ul><li><a href="/Word_Master_1.html">Wordmaster</a></li><li><a href="/Learn_A_Word_1.html">Learn A Word</a></li><li><a href="/Bilingual_News_1.html">Bilingual News</a></li><li><a href="/American_Cafe_1.html">American Cafe</a></li><li><a href="/Popular_American_1.html">Popular American</a></li><li><a href="/Business_Etiquette_1.html">Business Etiquette</a></li><li><a href="/Sports_English_1.html">Sports English</a></li><li><a href="/Words_And_Idioms_1.html">Words And Idioms</a></li><li><a href="/Intermediate_American_English_1.html">Intermediate American English</a></li></ul></div><div id="rightContainer"><span class="title">Auto Industry Executives Renew Appeals for Emergency Loans</span><div id="contentAds"><script type="text/javascript"><!--google_ad_client = "pub-3585518775245612";/* 51VOAContent */google_ad_slot = "4281465902";google_ad_width = 336;google_ad_height = 280;//--></script><script type="text/javascript"src="http://pagead2.googlesyndication.com/pagead/show_ads.js"></script></div><span id="content"><EMBED src="/path.asp?url=/200812/LCR%20Robinson%20Congress%20Automakers%202351127%20120508-Mp3_0.mp3" width=280 height=40 type="audio/x-pn-realaudio-plugin" autostart="false" Controls="ControlPanel" tppabs=""></EMBED><BR><a href="/path.asp?url=/200812/LCR%20Robinson%20Congress%20Automakers%202351127%20120508-Mp3_0.mp3" class="wwmp3">&raquo&nbsp; Download Audio</a><BR><BR><span class="byline">	By Dan Robinson</span> 				<br>								<span class="dateline">Capitol Hill</span><br>									<span class="datetime"><em>05 December 2008</em></span><br><P> <TABLE class=APIMAGE style="DIRECTION: ltr" width=190 align=left> <TBODY> <TR> <TD><IMG id=||CPIMAGE:586416| title="Auto executives from GM, Chrysler and Ford testify on Capitol Hill before House Financial Services Committee, 5 Dec. 2008" height=161 alt="Auto executives from GM, Chrysler and Ford testify on Capitol Hill before House Financial Services Committee, 5 Dec. 2008" hspace=2 src="/images/200812/AP_US_Auto_executives_Congress_05dec08_190.jpg" width=190 vspace=2 border=0></TD></TR> <TR> <TD class=imagecaption>Auto executives from GM, Chrysler and Ford testify on Capitol Hill before House Financial Services Committee, 05 Dec 2008</TD></TR></TBODY></TABLE>U.S. auto company executives returned to Capitol Hill Friday to renew appeals for billions of dollars in emergency loans. They faced skeptical questions from members of the House Financial Services Committee dissatisfied with the automaker's restructuring proposals.<BR><BR>The uncomfortable ride for auto executives continued, as lawmakers considered whether to hand over $34 billion in loans to help companies avert financial collapse.<BR><BR>Heads of Ford, Chrysler and General Motors repeated statements made to a Senate committee on Thursday, outlining plans for restructuring and efforts to achieve more efficiency and profitability.<BR><BR>Ford's Chief Executive Officer Alan Mulally said, "You were clear that our business model needs to change. I absolutely agree," <BR><BR>Pointing to huge revenue losses, Robert Nardelli of Chrysler said the costs for the U.S. economy of saving that company would be far less than the ripple effects of allowing it to fail.<BR><BR>"I recognize that this is a significant amount of public money, however we believe this is the least costly alternative considering the depth of economic crisis and options we face," he said.<BR><BR>Richard Wagoner of General Motors said his company has learned from mistakes.<BR><BR>"We are here today because we have made mistakes that we have learned from, because forces beyond our control in the credit markets have pushed us to the brink, and most importantly because saving General Motors and all [that] the company represents is a job worth doing," said Wagoner.<BR><BR> <TABLE class=APIMAGE style="DIRECTION: ltr" width=190 align=left> <TBODY> <TR> <TD><IMG id=||CPIMAGE:585806| title="UAW President Ron Gettelfinger testifies on Capitol Hill, 04 Dec  2008" height=196 alt="UAW President Ron Gettelfinger testifies on Capitol Hill, 04 Dec  2008" hspace=2 src="/images/200812/AP_USAUTO_UAWGottelfinger_0.jpg" width=190 vspace=2 border=0></TD></TR> <TR> <TD class=imagecaption>UAW President Ron Gettelfinger testifies on Capitol Hill, 04 Dec 2008</TD></TR></TBODY></TABLE>United Auto Workers Union [UAW] President Ron Gettelfinger said any form of bankruptcy for the auto companies would be unacceptable.<BR><BR>"In the present environment a so-called pre-packaged Chapter 11 bankruptcy is simply not a viable option for restructuring the Detroit-based auto companies," he said.<BR>&nbsp;<BR>Financial services panel chairman [Democrat] Barney Frank warned of what he called disastrous consequences of letting the companies fail.<BR><BR>"A permission to these three large entities to stop paying their debts, that is called bankruptcy, would greatly exacerbate the credit crisis," he said.<BR><BR>Democrat Brad Sherman was among those questioning companies commitment to transforming their operations:<BR><BR>"A careful reading of the written pronouncements of the automobile companies indicates that they themselves are not going to adhere to the kind of tough conditions that the American people expect and that the auto industry needs," Sherman said.<BR><BR>Republican Spencer Bachus suggested that automakers have little choice but to undergo reorganization under some bankruptcy arrangement:<BR><BR>"Short of a protective restructuring of General Motors or Chrysler, the domestic automobile industry will not be successfully re-made and there will be no lasting solution to the considerable challenges that it faces," he said.<BR><BR>President Bush on Friday said companies must make tough choices and demonstrate a plan for viability, adding that the government must be able to recover money it gives them.<BR><BR>In a statement on new figures showing the highest monthly job loss figures in 34 years, the president urged Congress to act next week on an automaker rescue plan:<BR><BR>"It is important that Congress act next week on this plan, and it is important to make sure that taxpayer's money be paid back if any is given to the companies," he said.<BR><BR>If lawmakers can reach agreement in coming days, and obtain support from the White House, Congress could come back into session to consider legislation next week.<BR><BR>However, differences remain on where the money should come from. House and Senate Democrats want to use funds from the $700 billion Troubled Assets Rescue Plan Congress approved in October for the financial industry.<BR><BR>President Bush on Friday repeated his insistence that any new money come from funds Congress has already appropriated for automakers to help them improve fuel efficiency.<BR></P>														</span><div id="list"><ol><LI><A href="VOA_Standard_English_26824.html" target=_blank>EU Kosovo Justice Mission to Consolidate Rule of Law</A></LI><LI><A href="VOA_Standard_English_26823.html" target=_blank>Cholera Epidemic in Zimbabwe Continues to Worsen</A></LI><LI><A href="VOA_Standard_English_26822.html" target=_blank>Pakistani, Afghan, Turkish Presidents Pledge Cooperation in Terrorism Fight</A></LI><LI><A href="VOA_Standard_English_26821.html" target=_blank>Proposed Media Law in Kenya Draws Comparison to Zimbabwe</A></LI><LI><A href="VOA_Standard_English_26815.html" target=_blank>South Africa Experiments With Houses Made of Sand</A></LI><LI><A href="VOA_Standard_English_26814.html" target=_blank>Study: India Must Educate Young Workforce to Avoid Potential Social Tensions</A></LI><LI><A href="VOA_Standard_English_26813.html" target=_blank>France Prepares $30 Billion Economic Stimulus Plan</A></LI><LI><A href="VOA_Standard_English_26812.html" target=_blank>Saudi Arabia Prepares for Annual Hajj</A></LI><LI><A href="VOA_Standard_English_26811.html" target=_blank>Thailand's King Fails to Appear for National Day Address</A></LI><LI><A href="VOA_Standard_English_26810.html" target=_blank>Russia Set for Immediate Response to Positive US Signals</A></LI></ol></div><div class="clearing"></div></div><div class="clearing"></div><div id="footer">&copy; 2001-2008 Powered by <a href="http://www.51voa.com">51VOA.Com</a> <div id="topAds"><script language=javascript src="/topAds.js"></script></div> <div id="count"><script language=javascript src="/count.js"></script></div></div></body></html>

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