Tuesday, February 17, 2009

Rep Thaddeus McCotter Michigan, Detroit City U.S.A.

GM, Chrysler to Submit Restructuring Plans TodayTuesday, February 17, 2009

General Motors and the United Auto Workers union made progress in concession talks and bondholders offered proposals to slash GM's debt, a day before the automaker must detail a new survival plan.

U.S. Rep. Thaddeus McCotter, a Michigan Republican, told Reuters progress in GM's talks with its bondholders appeared to have spurred progress in its talks with the UAW, which is also being pressed to forgive debt.

"They will get this done," said McCotter, who sits on the House Financial Services Committee that heard testimony from automakers as part of the bailout debate." Keep reading here.

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