Though congress has voted to send a life preserver (in the form of a $25 billion loan program) to the drowning U.S. automotive industry, the effort might be too late.  The Washington Post reports, "A $25 billion loan program rushed through Congress to revive the nation's ailing domestic auto industry may not deliver any money to Detroit for more than a year, federal officials said, prompting concern that the cash may come too late to prop up one of the country's most important manufacturing sectors."

All three American automakers are facing cash shortfalls amid slumping sales and a tight credit market.  The government bailout was intended to help the companies weather the market until they could get more fuel-efficient cars, like the Chevy Volt, into showrooms.  Despite congress passing the package, it isn't a done deal. The Post says, "In recent days, auto industry representatives and lawmakers from Michigan, Kentucky and other states where auto plants employ tens of thousands of workers have begun clamoring to pry the funds loose, prodding the Bush administration and questioning the reasons for the delay. Federal officials have said it would take months to finalize the rules for distributing funds." 

The Detroit Free Press reports that some companies would like to change some of the terms of the bailout. "Some in the industry hope to loosen the rules around the loans so they can be used to not just retool plants, but help the companies survive."  Other analysts are predicting government help for the proposed merger between Chrysler and GM. The Free Press reports, "if a GM-Chrysler pact requires government help, the automakers likely would hash out the outlines of a deal first, then apply for aid. But the number of job cuts such a deal would spawn -- easily in the tens of thousands, mostly in Michigan -- will make any government role a political minefield."

Getting the bailout money moving has turned into a political priority.  The Post reports, "Both presidential candidates have urged the Bush administration to speed release of the loans. Sen. Barack Obama (Ill.), the Democratic candidate, said at a rally last week in Ohio that if he were president, "I would call in the secretary of Energy and say 'get this thing moving' because these companies need help now." While calls from Detroit and the campaign trail may seem overwrought, the Post adds "J.D. Power and Associates said the global market for autos may experience an "outright collapse" in 2009," adding to the urgency of the funds.

In another article, the Detroit Free Press reports that the bailout isn't unanimously loved---even in Michigan, where the big three automakers are based. U.S. Senate candidate Jack Hoogendyk, in a debate at the Detroit Economic Club "said he would have opposed the $25 billion in loan guarantees overwhelmingly approved last month by Congress, including all of Michigan's delegation in the U.S. House of Representatives and Senate, and that a free market dictates that some companies will fail."  Good luck with that Senate bid, Jack.

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