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Auto task force takes Detroit road trip

Post Time:Mar 10,2009Classify:Industry NewsView:148

President Obama's auto task force gave Detroit a close-up inspection yesterday as members consider whether to extend additional loans to the struggling automakers.

It was panel's first trip to Motor City since Treasury Department advisers Steven Rattner and Ron Bloom began their fact-finding meetings two weeks ago. Their visit coincided with an announcement by the United Auto Workers, saying members had ratified an agreement to give Ford more flexibility in how it meets its obligation to provide future health care for retirees.

The task force is racing against the calendar to address General Motors' and Chrysler's looming cash constraints. By the end of this month, GM needs at least $2 billion and Chrysler needs $5 billion to hold off bankruptcy, according to a March 10 article in The Washington Post.

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