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The Monitor from McAllen, Texas • 4

Publication:
The Monitori
Location:
McAllen, Texas
Issue Date:
Page:
4
Extracted Article Text (OCR)

will lose less than Report: Taxpayers 2011 Chrysler vehicles are seen Wednesday on the assembly line at the Sterling Heights Assembly Plant In Sterling Heights, Mich. Drub Osohio I The Associated Press i J- vmm, I I 20 percent of the aid By Jim Kuiiniiunn TiieAsscxwedPhess WASHINGTON Taxpayers will lose about $14' billion in the government's $80 billion bailout of Chrysler and GM, the White House said Wednesday, portraying the outcome as good news since the losses are far lower than originally anticipated. Seizing on the figures, the Obama administration took credit for the resurgence of the U.S. auto Industry, assuring taxpayers thatthe government's bailout of Chrysler and GM was ah investment worth making. A report by the president's National Economic Council noted that as Detroit automakers rebound, the taxpayers' loss from the bailout will be about $14 billion, or less than 20 percent of the $80 billion that the Bush and Obama administration used to prop up the companies in 2008.

The Treasury Department had expected losses closer to 60 percent. The report was part of a carefully devised strategy by the White House to "-J I given to automakers. draw attention to an industry that's on the mend and whose footprint is' most noticeable in key presidential battleground states. In recent days, Vice President Biden and Treasury Secretary Timothy Geithner have both promoted the government's GM and Chrysler interventions as risky moves by President Barack Obama that paid off, i Obama Is making the most out of Chrysler's announcement last week that it is repaying $5.9 billion in U.S. loans and a $1.7 billion loan from the Canadian government ahead of schedule.

Those payments cover most of the federal bailout money that saved the company after it nearly ran out of cash in and went through a government-led bankruptcy. General Motors which also. went through bankruptcy, received a $49.5 billion in the U.S. bailout. The federal government has lowered its equity stake in the company from 61 percent to 26.5 percent of GM after selling part of the stake in November.

Ford did not Serving the Rio Grande Valley out, these companies are not savable," The auto industry success is a potentially powerful political story for 'the president. With Washington focused now on budget cutting, the administration-1 does not have the political leverage to spend money on jobs initiatives, let alone a new economic stimulus. Still, any claim that the Friday to a Chrysler plant in Roh Bloom, the president's top rnanufactur-ing adviser, summed up the White House point of view Wednesday: "At the time the president chose to help Chrysler, at the time he chose to help General Motors, a lot of people said you're throwing good money after bad, you'll never get food outbreak soar Air Conditioning Vn European The death toll rose to 17, with German authorities reporting that an 84-year-old woman with the complication had died on Sunday. Medical authorities appeared no closer to discovering either the source of the infection or the mystery at the heart of the outbreak: why the unusual strain of the E. coli bacteria appears to be causing so many cases of hemolytic uremic syndrome, which attacks the kidneys and can cause sei zures, strokes and comas.

"This particular strain we're dealing with now seems to be unique," said Dr. Hilde Kruse, program manager for food safety at WHO Europe: Germany's national health agency said 1,534 people in the country had been infected by EIIEC, a particularly deadly strain of the common bacteria found in the digestive systems of cows, humans and other mammals. The Robert Koch Heating Cooling Refrigeration Sales Service Installation Commercial Industrial Residential Serving Texas Customers For Over 20 Years vvwvv.southtexasac.com 956-53T-5442 EU TACLA016031C Turn to the Experts VALLEY ifl? POOFESSIOHAL HEADING AIDS A FULL SERVICE MEDICAL FACILITY EAR PHYSICIAN ON STAFF Vfi ARE THE DIGITAL EXPZRTS! Four reported dead after tornadoes Hy Stkpiibn Singkh FT 7 "TTTU administration can make, that it saved or restored jobs is a plus in an environment where unemployment hovers about 9 percent. What's more, the auto in- r4nctmric nrnmmflnt In atnt-- like Michigan, Ohio, Indiana and Missouri, all of them important for Obama's re-, election prospects. "We believe the steps we took and the steps they took in partnership with us have positioned these companies" to where they have a real' chance of success," Bloom saici.

Bloom declined to say-when the government would sell its remaining stake in GM The company's stock price fluctuated between $29 and $39 over the last two months. It was selling at Just over $30 per share on Wednesday. "We're not going sell at a fire sale the first day we can, on the other hand we're not holding, waiting for a target price," Bloom said. Institute had reported 1,169 a day earlier. The outbreak has hit at least nine European countries but virtually all of the sick people either live in Germany or recently traveled there.

The Robert Koch Institute said 470 people in Germany were suffering from hemolytic uremic syndrome, or' HUS, a number that independent experts called unprecedented in modern medical history. Jessica Hiu I The Associated Press state has opened shelters for those whose homes were damaged or who need a place to stay, Patrick repeated his call for superintendents in the 19 affected communities to cancel school Thursday. He said state employees in those areas also are urged to stay home and off the roads to give cleanup' crews a chance to work. The governor said he had preliminary reports" of some looting in downtown Springfield. He said that looting tapered off -as heavy rains set In.

The State Police is securing the area. No looting arrests were reported. Patrick said the dam-age has hit home for him and Lt. Gov. Timothy Mur- ray.

Murray is the former mayor of Worcester and-Patrick owns a home in western Massachusetts. "These are my neighbors and my friends, too; the lieutenant governor's as well," Patrick said. seek federal government assistance. The National Economic Council report said that since GM and Chrysler emerged from bankruptcy last year, the industry as a whole has created 115,000 jobs. The White House is reveling in an "I-told-you-so" moment and Obama himself will take that message Cases in HyDayii) Hisim; and Maiiia Chung Thk Associated Phkss BERLIN The number of people hit by a massive European outbreak of food-borne bacterial infections is one third higher than previously known and a stunningly high number of patients suffer from a potentially deadly complication than can shut down their kidneys, officials said Wednesday.

mutt Aucbologist Oirtdor (Ow 25 Ken UpttltKt) r-vj 7 PJ0 The mmm puiti Vlth IhzUsih Wireless fc-3 1 A Bricks and debris that fell from a building lay on top of cars Wednesday after a report of a tornado In Springfield, Mass. A tornado struck down-town Springfield, one of Massachusetts' largest cities, scattering toppling trees, and frightening workers and residents. SPRINGFIELD, Mass. At least two tornadoes swept through western and central Massachusetts on Wednesday, sending debris slamming into buildings and killing four people, Massachusetts' governor said. Gov.

Deval Patrick said two people died in West-field, one in West Springfield, and one in Brimfield in the central part of the state. He had no details about those killed. The storms did extensive damage in field; the state's third largest city. State police report 33 injuries in Springfield. Po- lice said five of the injuries were reported serious and required surgery.

Patrick said the path of damage from the first and more powerful of the two tornadoes extended from Westfield, just west of Springfield, and extended east to the community of Douglas. He said the second, slightly less powerful, tornado cut a path from West Springfield all the way to Sturbridge in the central part of the state, Patrick declared a state of emergency and called up 1,000 National Guardsmen. The storms also caused an unknown number of injuries and extensive damage. Patrick said the death total was preliminary. Bob Pashko, of West Springfield, said he was coming from his dottor's office when the storm started and he went to a downtown bar in Spring-, field to wait for a ride.

"The next thing you know the TV says a tornado hit the railroad bridge in West Springfield," said Pashko, 50. "It's the bad-dest I've seen." The Rev. Bob Marrone of The First Church of Monson said the storm cleared a view he's never seen across the valley where the town sits. "I can see the plywood of roofs, and see nouses where most of the house is gone," he said. "The road that runs up in front of my house There's so many trees down, it's completely impassable." The storm hit the Springfield area after a tornado watch was issued for much of the East Coast, including Philadelphia, New York and Boston.

U.S. Sen. John Kerry said he was joining Patrick in a planned tour of tornado damage Wednes-day night. Patrick, said there was extensive damage in Hampden County, especially to homes and other structures. He said there were a number of live wires down.

He said at least 48,000 homes were without electricity. The 1 Why settle lor second best, when you con hove cutting edge technology horn Siemens Hearing, the world's largest hearing aid company. Clear, High Definition Sound Small, State of the Art Design Automatic and Rechargeable No Interest Financing Digital Prices from $43S Cell us foday fcr a 30 DM TRIAL! fY .1.

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Pages Available:
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Years Available:
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