The folks at Canada’s Globe and Mail don’t think it’s any coincidence that Michigan’s Gov. Jennifer Granholm was positioned just over President-elect Obama’s shoulder during his first press conference. They think it was a deliberate sign that cash is on the way. Here’s a clip:
…Granholm was there to send a message, the message being that Obama knows he owes Michigan and the payoff is coming. Fast. Just in case anyone missed the visuals on Friday, Obama and the Democrats went to work on the weekend, too.
Obama’s incoming chief of staff, Rahm Emanuel, called the Detroit auto companies “essential” to the U.S. economy in interviews Sunday. House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid (Democrats, of course) sent a letter Saturday to President Bush, calling on him to release some of U.S. Government’s $700 billion in aid paid to help the auto companies, too.
No one seems quite sure how aid for Detroit will materialize, but it’s coming, no doubt about it…
According to the New York Times, Emanuel, when pressed on Sunday morning, would not say whether or not President-elect Obama supported the idea of tapping into the $700 billion rescue package for the purposes of aiding the Big Three. He did say, however, that Obama, “asked his economic team to look at ways to involve the industry in shaping an energy policy that weans the country off foreign oil, seeking ways to use the $25 billion in loans that Congress passed in September to help make auto plants more capable of producing fuel-efficient cars.”
So, despite the signals picked up by the Canadian press, it remains to be seen at this point if more than the $25 billion loan already green-lit for Detroit will be making its way to the Big Three.