Dodge Offers Senior Discount

With General Motors telling investors it expects to run out of cash before the end of 2008, Congressional leaders are now poised to introduce an auto industry bailout package next week.The Detroit News reports, "House Speaker Nancy Pelosi (D-Calif.) said Tuesday she wants a quick vote next week to allow the troubled domestic auto industry to tap into the $700 billion Wall Street bailout."& Senate Majority Leader Harry Reid (D-Nev.) "said the Senate would act quickly, during its lame duck session, to save the jobs of millions of workers."According to the Wall Street Journal, the bill Pelosi and Reid are expected to propose would give "auto makers limited access to funds from the Troubled Asset Relief Program, or TARP, which was initially set up to rescue foundering banks and Wall Street brokerages."& But both Congressional leaders and aides to President-Elect Barack Obama say "they intend to impose significant conditions on federal aid. Auto makers would have to offer the government equity stakes or warrants, one Obama adviser said, and would have to accept the same rules on executive compensation that financial-service companies have swallowed with the Wall Street rescue."But the Obama team would have limited ability to influence a bill Congressional leaders hope to pass before Jan. 20.& ABC News reports that the Bush administration "is lukewarm to Pelosis idea of using some of the $700 billion banking bailout money for the automobile industry," with one "senior White House official" telling ABC the move would lead to a "slippery slope" of successive bailouts.&The administration may have a point.& The industry itself, ABC reports, "likes Pelosis approach, but sees it as a stopgap measure until the new Congress passes something more comprehensive in January." &One "auto industry source working with Congressional leaders" told ABC, "Were talking about a bridge loan, a bridge to the stimulus."While the debate goes on, Reuters reports, "GM, Ford and Chrysler are burning through cash and losing billions monthly. The companies blame the global credit crunch for an accelerated decline in U.S. sales and severe limits on corporate and consumer borrowing. Most consumers finance their vehicle purchases.& The three have argued to Congress their health is crucial to the U.S. economy since they employ 250,000 people and affect more than four million other jobs nationwide in related industries or indirectly."While they plead for rescue in Washington, automakers are trying to win your business with deep discounts.&Research the best car deals for November&with U.S. News car rankings and reviews

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