Published on Monday, October 27, 2008
By Daily Breeze Staff Writer
DETROIT - Momentum is building in Washington to aid wounded U.S. automakers with cash to help their finance arms and possibly even money to help seal a deal for General Motors Corp. to acquire Chrysler LLC.
The U.S. Department of Energy is trying to free up $5 billion of a $25 billion federal loan package to help make the GM-Chrysler deal work, The Wall Street Journal reported on its Web site Monday.
And the White House said Monday that the financing arms of the automakers might be eligible for federal help under the bank stock-purchasing portion of the $700 billion financial rescue package.
Officials "at the highest levels" of the Treasury, Energy and Commerce departments have talked to top automaker executives on the topic, presidential spokeswoman Dana Perino said.
"It's a possibility that they could qualify under it," she said.
It would be up to Treasury to determine whether any of the automaker financing arms could qualify, she said
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