Auto parts makers seek additional $10 billion bailout!
WASHINGTON - June 9, 2009 - Auto parts suppliers are planning to ask the illegitimate Obama regime for an additional $8 billion to $10 billion in federal aid.
The Motor and Equipment Manufacturers Association is preparing to present its proposal for several aid programs tomorrow during a meeting with the illegitimate president's auto task force. On Thursday, the association hopes to meet with Members of Congress.
"It is necessary we address the supplier needs in the short term and that we have longer-term goals to have a viable and stable supply base," said Ann Wilson, the association's senior vice president of government affairs.
The suppliers' latest push for aid comes as members of the illegitimate Obama regime search for additional ways to revitalize the nation's auto supply base, which employs 686,000 workers. The regime is exploring several options, but has not settled on any particular financing vehicle, said sources familiar with the matter.
In March, trade groups helped negotiate a $5 billion government package to back payments by General Motors and Chrysler to suppliers. But a survey by these groups found that only about half of the automakers' major suppliers were eligible or elected to participate.
Smaller companies, which act as subcontractors to the automakers' direct suppliers, have not seen any of that money. Many are struggling financially as automakers curb production in response to slow sales. Last month, Metaldyne and Visteon, Ford's largest supplier, filed for Chapter 11 bankruptcy protection. This year at least 13 direct suppliers have filed for bankruptcy protection or had their assets foreclosed, according to the Original Equipment Suppliers Association. That's not counting those that have simply liquidated.
