Treasury Announces Auto Supplier Support Program, Program Will Aid Critical Sector of American Economy.

WASHINGTON, DC – The U.S. Department of the Treasury today announced a new program to help stabilize the auto supply base and restore credit flows in a critical sector of the American economy. As the President’s Task Force on the Auto Industry continues to review restructuring plans submitted by General Motors and Chrysler, Treasury announced an Auto Supplier Support Program that will provide up to $5 billion in financing, giving suppliers the confidence they need to continue shipping parts, pay their employees and continue their operations.

As rising unemployment and contracting credit continue to threaten economic recovery, today’s announcement will support an industry employing more than 500,000 American workers across the country. Because of the credit crisis and the rapid decline in auto sales, many of the nation’s auto parts suppliers are unable to access credit and are facing growing uncertainty about the prospects for their businesses and for the auto companies that rely on the parts they ship. This program will help break this cycle and provide confidence in the supplier base at an important time for the domestic auto industry. It is part of the Administration’s broader efforts to ensure that our Financial Stability Plan reaches the main street businesses that create good jobs for American workers.

“The Supplier Support Program will help stabilize a critical component of the American auto industry during the difficult period of restructuring the lies ahead, ” said Treasury Secretary Geithner. “The program will provide supply companies with much needed access to liquidity to assist them in meeting payrolls and covering their expenses, while giving the domestic auto companies reliable access to the parts they need. ”

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The automobile industry of the United States of America has become one of the most essential and important industries not only in the country but in the whole world. The automobile industry has not only made huge profits by selling their products worldwide but also added themselves to the culture of people all around the world. There are various steps that are involved in the process of the automobile industry and these include designing of the vehicle, manufacturing it, marketing and selling it to the customers who are spread throughout the world.

Any rise or fall in the Automobile industry of the United States of America affects the U.S economy very hard as the latter is highly dependent on the former. The American automobile industry has flourished itself in such a way in the global market that it hardly suffers a loss in its sales. This is because, if the sales of their products in a certain area like South America get narrowed, then they can compensate it by selling their products in another part of the world like Asia or Brazil. This is the greatest advantage of growing themselves in all parts of the world equally.

The American Automobile industry manufactures a variety of vehicles ranging from four wheeled cars to heavy vehicles like trucks and buses. They also manufacture airplanes and vehicles that run on electricity which mainly include trains and some cars. This variety only makes the industry a huge one and offers job to millions of people living in the U.S and Canada. This is the reason that almost everyone is employed in North America because of the presence of such huge industries there. This industry is so huge that now companies have been setting up their plants in developing countries also, like India.

Along with providing jobs opportunities to the people living in the U.S and even outside the US, this industry also generates billions of dollars of revenue for the U.S economy which makes it one of the backbone elements of the United States of America’s economy. In other words, this industry provides various services to other industries where transportation is highly required and vehicles are used in large numbers. The automobile industry finds its use in almost every kind of industry and even in the defense also whether it is army, navy or air force.

The automobiles have revolutionized the way people travel from one place to another and with the help of technology the automobile industry has made it a lot easier and more comfortable for people to commute from one place to another. Nowadays, vehicles are being manufactured in such a huge quantity that the cost of their production has come down exponentially and hence the cost of the automobiles in the markets has gone down giving a great advantage to the customers. The automobile industry of the United States of America is expanding day by day as companies have started dominating this industry and setting up their manufacturing units in the country.

Ezine Article: Technological Advancements in the Automobile Industry of the US http://ezinearticles.com/?id=2629310

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