The CEO's of "the big three" automakers were back in front of Congress yesterday begging for $34 billion to prevent the financial collapse of the companies. President Bush has vowed not to bail out the companies without a plan according to the New York Post. The CEO's now admit that they've made mistakes in running the companies.
I would assume that President Bush will try to put this burden on the new president-elect Barack Obama if the automakers can survive that long. Obama is on record as saying that the country can't allow the automakers to go belly up, but he wants them to have a plan in place to turn things around. The survival of "the big three" will probably be Obama's first major test as president.
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