The powerful speaker of the US House of Representatives urged “emergency and limited financial assistance” for the battered auto industry on Tuesday, to be completed within days in a post-election session of Congress. Five days after dismal financial reports from General Motors Corp. and Ford Motor Co., Speaker Nancy Pelosi backed legislation to make automakers eligible for help under the $700 billion bailout program that cleared Congress in October. In a written statement, the California Democrat said the aid was needed “in order to prevent the failure of one or more of the major American automobile manufacturers, which would have a devastating impact on our economy, particularly on the men and women who work in that industry.” “Congress and the Bush administration must take immediate action,” she added. The plight of the industry has drawn attention from the White House and the incoming administration of President-elect Barack Obama in recent days, as well as from lawmakers. Last week, Obama prodded the Bush administration to do more to help the industry, and on Monday, he raised the issue with President George W. Bush in an Oval Office conversation meant to underscore a smooth transition of power. Officials familiar with the conversation said the president replied he is open to the idea. Before adjourning for the elections, Congress passed legislation providing for $25 billion in government-backed loans to automakers to prod them to retool their factories to make more efficient vehicles. Since then, auto executives and officials in the United Autoworkers union have urged that more than that be provided to avert a possible collapse of one of the United States' most basic industries, including $50 million more to help cover future health care payments for about 780,000 retirees and their dependents. GM and Ford reported last week they had spent down their cash reserves by a combined $14.6 billion in the past three months. Ford said it would slash more than 2,000 executive jobs. Pelosi's statement did not specify how large an aid package she wants. With the US automobile industry crumbling, NASCAR chairman Brian France softened his stance on the future of Ford, Dodge and General Motors in the sport they helped create. Days after saying the stock car series wouldn't “live or die” on the fates of America's Big Three, France said NASCAR was working aggressively to make sure the companies remain part of the circuit's foundation.
