President Obama has decided against his plan for appointing a single "car czar" to oversee the revamping of the auto industry. Obama is instead designating the Treasury Secretary and the chairman of the National Economic Council to oversee the Presidential panel on the auto industry. The sudden change has come from the G.M. and Chrysler race to complete their reconstructing plans by this Tuesday. The plans are supposed to show progress in cutting long-term costs as a way to keep their loans. Advisers said that in order to reconstruct the companies, sacrifices are needed from the auto workers as well as their creditors, shareholders, and executives running the companies.
President Obama had considered appointing a "car czar", but the Presidential panel has decided to appoint multiple officials from several agencies instead. G.M. and Chrysler are expected to request more loans in order to stay a float in what is expected to be another bad year in auto sales. Both companies are also expected to continue in cutting jobs, plants, and models in their reconstructing plans. They have been trying to create new jobs that will earn half as much as their current employees. Cars sales are expected to be about 10 or 11 million, much lower than their average 16.2 million a year.
http://www.nytimes.com/2009/02/16/business/economy/16auto.html?ref=politics
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