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With two of America's major automobile2 companies reportedly weeks away from financial collapse3, there continues to be little agreement in Washington on how to craft a government rescue package that would stave off bankruptcy4. The White House is weighing options days after the Senate defeated a plan to provide emergency aid to carmakers.Sen. Bob Corker, R-Tenn., speaks during a news conference on Capitol Hill in Washington, 12 Dec 2008 |
Senate Republicans have demanded the largest concessions7 from the auto industry, labor8 unions and creditors9. Senator Bob Corker of Tennessee says he and other Republicans voted against last week's bill after the United Autoworkers union rejected far-reaching wage and benefits concessions as a condition for the bridge loan. Speaking on the CBS program Face The Nation, Corker rejected any suggestion that Republicans are being obstructionist.
"This has not been about blocking [legislation]. This has been about trying to find a solution that works and really causes these companies to be in a position to go forward in a healthy fashion. But, without all of these shared sacrifices, that will not happen," said Corker.
Corker added that union officials had little incentive10 to agree to a new round of concessions, since the White House had already signaled its willingness to provide aid to carmakers, and the Bush administration could bypass Congress and tap the existing $700 billion financial rescue package for the funds.
For weeks, the White House expressed reluctance11 to dip into the rescue package, which Congress approved in October to bail12 out U.S. financial institutions. But the White House said it was reconsidering the idea after last week's Senate defeat of the automobile aid program, which would have provided $14 billion in bridge loans, while establishing a so-called "car czar" to help guide the industry to profitability.
White House officials say they are reviewing financial data on the automakers, while considering possible courses of action.
For its part, the main autoworkers union has already offered some concessions, but it is not clear whether those would be sufficient to allow car companies to become profitable in the long term.
All three major U.S. carmakers are headquartered in the state of Michigan, where representatives say time is running out to save the industry, which they describe as the backbone13 of America's diminishing manufacturing sector14.
Democratic Senator Carl Levin of Michigan also spoke15 on Face The Nation.
"No other country that produces automobiles16 is allowing its industry to collapse. They all have the same problem. They are all providing loans to those industries," said Levin. "This is not unique to the United States."
In Britain, meanwhile, labor officials are quoted as urging the government to inject cash into the country's automobile industry to ensure it survives the current global economic slump17.
1 auto | |
n.(=automobile)(口语)汽车 | |
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2 automobile | |
n.汽车,机动车 | |
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3 collapse | |
vi.累倒;昏倒;倒塌;塌陷 | |
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4 bankruptcy | |
n.破产;无偿付能力 | |
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5 endorsed | |
vt.& vi.endorse的过去式或过去分词形式v.赞同( endorse的过去式和过去分词 );在(尤指支票的)背面签字;在(文件的)背面写评论;在广告上说本人使用并赞同某产品 | |
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6 viability | |
n.存活(能力) | |
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7 concessions | |
n.(尤指由政府或雇主给予的)特许权( concession的名词复数 );承认;减价;(在某地的)特许经营权 | |
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8 labor | |
n.劳动,努力,工作,劳工;分娩;vi.劳动,努力,苦干;vt.详细分析;麻烦 | |
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9 creditors | |
n.债权人,债主( creditor的名词复数 ) | |
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10 incentive | |
n.刺激;动力;鼓励;诱因;动机 | |
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11 reluctance | |
n.厌恶,讨厌,勉强,不情愿 | |
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12 bail | |
v.舀(水),保释;n.保证金,保释,保释人 | |
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13 backbone | |
n.脊骨,脊柱,骨干;刚毅,骨气 | |
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14 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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15 spoke | |
n.(车轮的)辐条;轮辐;破坏某人的计划;阻挠某人的行动 v.讲,谈(speak的过去式);说;演说;从某种观点来说 | |
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16 automobiles | |
n.汽车( automobile的名词复数 ) | |
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17 slump | |
n.暴跌,意气消沉,(土地)下沉;vi.猛然掉落,坍塌,大幅度下跌 | |
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