US Automakers Ask Congress for $34 Billion in Aid

US Automakers Ask Congress for $34 Billion in Aid
Chiefs of Big Three return to Washington -- in hybrid vehicles this time, not private jets -- to renew appeal for a rescue. Also, the Treasury considers a plan to help increase home sales. Transcript of radio broadcast:
04 December 2008

This is the VOA Special English Economics Report.

The United States is already one year into a recession. That was the news this week from the National Bureau of Economic Research. The downturn is the longest since a recession that began in nineteen eighty-one and lasted sixteen months.

Economists generally wait for production to shrink for six months in a row before they declare a recession. But the bureau, a private group, uses a wider set of information to measure the economy. The news only confirmed what many people already knew: that the world's largest economy is weak and may not recover soon.

Worsening conditions have led to a big drop in spending, especially on costly products like new cars. Even Japanese automaker Toyota saw its sales fall thirty-four percent in the United States in November from a year ago.



The heads of Chrysler, Ford and General Motors returned to Congress this week to again ask for federal aid. Congressional leaders denounced them two weeks ago after they came in private jets with no clear plans for saving their industry.
This time, the chiefs drove to Washington in fuel-saving hybrid vehicles. And their companies presented detailed restructuring plans. The request for aid has risen from twenty-five billion dollars two weeks ago to thirty-four billion in loans and credit lines.

G.M. wants almost half of that, and says it needs four billion dollars this month. It warned that without support it cannot continue to operate.

Ford is in a better position. But the sharing of suppliers means it could be affected if G.M. or Chrysler fails. Ford is asking for a nine billion dollar credit line in case it needs it.

Chrysler is the smallest and most troubled of America's Big Three. It says it needs a seven billion dollar loan by the end of the month.

Two days of congressional hearings began Thursday in the Senate Banking Committee. The chairman, Democrat Chris Dodd, said he would support helping the automakers for the good of the economy. But the committee's top Republican, Richard Shelby, expressed opposition to a bailout.

A main root of the world financial crisis is the weak housing market in the United States. The Treasury Department has been under pressure to help troubled homeowners. Now comes news that the department is developing a plan aimed at reducing interest rates on mortgage loans for some buyers of homes. That could be good for homeowners trying to sell.

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.

----------------------------Google Translate

美国汽车制造商要求国会拨款340亿美元的援助
参谋长三大返回华盛顿-混合动力汽车在这个时候，而不是私人飞机-再次呼吁救援。此外，财政部认为，一项计划，以帮助提高房屋销售。全文电台广播：
2008年12月4日

这是美国之音特别英语经济学报告。

美国已经一年陷入衰退。这是本周从国家经济研究局。是的低迷以来最长的衰退始于1981年，历时16个月。

经济学家普遍等待生产收缩为6个月内连续前宣布衰退。但是，局，民间团体，用途更广泛的信息，以衡量经济。这个消息只是证实了许多人已经知道：这世界上最大的经济疲弱，可能无法尽快痊愈。

状况恶化导致了大幅下降，支出，尤其是对昂贵的产品，如新车。即使日本汽车制造商丰田公司认为它的销售额下降34百分之11月在美国从去年同期。



元首克莱斯勒，福特和通用汽车返回美国国会本星期再次要求联邦援助。国会领袖谴责他们两个星期前，他们来到后，私人飞机在没有明确的计划，其工业节能。
这一次，局长驱车前往华盛顿，节省燃料的混合动力汽车。和他们的公司提出了详细的重组计划。请求援助已从250.000亿美元，两个星期前，以三百四十亿的贷款和信贷额度。

G.M.希望将近一半，并且说，它需要40亿美元在本月。它警告说，如果没有支持它无法继续运行。

福特是在一个更有利的地位。但是，共享的供应商意味着它可能受影响，如果通用汽车或克莱斯勒失败。福特所要求的9亿美元的信贷额度情况下，它需要它。

克莱斯勒是最小，最麻烦的美国三大。它说，它需要7亿美元的贷款在本月底。

为期两天的国会听证会今天开始在美国参议院银行委员会。委员会主席，民主党人克里斯多德说，他将支持帮助汽车制造商的良好经济。但是，该委员会的共和党，理查德谢尔比表示反对的破产案。

一个主要根源，世界金融危机是房屋市场疲弱的美国。美国财政部已压力下，以帮助陷入困境房主。现在的新闻，该署正在制定一项计划，旨在降低利率的按揭贷款的一些买家的家园。这可能有利于房主试图出售。

，这是美国之音特别英语经济学报告，写的马里奥特尔。我史蒂夫余烬。