CHICAGO (Reuters) - President-elect Barack Obama said on Wednesday struggling automakers have put forward a "more serious" restructuring proposal to Congress but withheld judgment on the plans until hearings are held. At a news conference, Obama named rival-turned-supporter Bill Richardson as his secretary of commerce, calling the New Mexico governor a perfect ambassador for U.S. business interests in the midst of deep global economic turmoil. Obama, who takes over from President George W. Bush on January 20, said Congress was right to demand a more detailed restructuring plan before deciding on a financial bailout for General Motors, Ford Motor and Chrysler LLC. "It appears, based on reports that we've seen, that this time the executives from these automakers are putting forward a more serious set of plans," Obama said.
CHICAGO (Reuters) - President-elect Barack Obama said on Wednesday struggling automakers have put forward a "more serious" restructuring proposal to Congress but withheld judgment on the plans until hearings are held.
At a news conference, Obama named rival-turned-supporter Bill Richardson as his secretary of commerce, calling the New Mexico governor a perfect ambassador for U.S. business interests in the midst of deep global economic turmoil.
Obama, who takes over from President George W. Bush on January 20, said Congress was right to demand a more detailed restructuring plan before deciding on a financial bailout for General Motors, Ford Motor and Chrysler LLC.
"It appears, based on reports that we've seen, that this time the executives from these automakers are putting forward a more serious set of plans," Obama said.
WASHINGTON -- The United Automobile Workers union said Wednesday that it would make major concessions in its contracts with the three Detroit auto companies to help them lobby Congress for $34 billion in federal aid. The surprising move by the U.A.W. could be a critical factor in the automakers' bid not only to get government assistance, but also to become competitive with the cost structure of nonunion plants operated by foreign automakers in the United States.At a news conference in Detroit, the U.A.W.'s president, Ron Gettelfinger, said that his members were willing to sacrifice job security provisions and financing for retiree health care to keep the two most troubled car companies of the Big Three, General Motors and Chrysler, out of bankruptcy.
WASHINGTON -- The United Automobile Workers union said Wednesday that it would make major concessions in its contracts with the three Detroit auto companies to help them lobby Congress for $34 billion in federal aid.
The surprising move by the U.A.W. could be a critical factor in the automakers' bid not only to get government assistance, but also to become competitive with the cost structure of nonunion plants operated by foreign automakers in the United States.
At a news conference in Detroit, the U.A.W.'s president, Ron Gettelfinger, said that his members were willing to sacrifice job security provisions and financing for retiree health care to keep the two most troubled car companies of the Big Three, General Motors and Chrysler, out of bankruptcy.
