What's Happening Today
The Big Three are heading back to Washington to make their case for a Detroit bailout. Will they be successful? The Post reports that the automakers will shift their business plans to sell more fuel-efficient and smaller vehicles. The Wall Street Journal says Ford CEO Alan Mulally, who is making a statement by driving to Washington instead of taking the corporate jet this time, will cut his pay until the company returns to profitability. The New York Times says Detroit will finally need to shed many of the multiple brands under which it sells cars.
The Big Three are presenting their cases to Congress today and hearings will resume Thursday in the Senate, then in the House on Friday. The automakers will likely get some more data to plead the desperation of their case when the November auto sales numbers come out today.
Also on tap today: Treasury Secretary Hank Paulson will give a speech this morning on U.S.-China economic relations in advance of his trip to Beijing later this month.
In Philadelphia today, President-elect Barack Obama will meet with a group of the nation's governors, who are angling for a slice of the stimulus package. The price tag? $176 billion.
Now that it's December and Black Friday is over, we'll get another measure of how the retail sector is doing with data from November due out early this morning.
Check back here and on washingtonpost.com for updates throughout the day.
**Note** An earlier version of this blog entry incorrectly said the Senate hearings on the auto industry will begin tomorrow and the House hearing would begin Thursday. The information has been corrected above.
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December 2, 2008; 7:24 AM ET
Categories: The Ticker | Tags: Detroit bailout, automakers
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