• Font Size    
E-mail

Close Window E-mail This Page

Newsom, Reed Ask Congress Not To Bailout Big 3

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +    Comments
Dec 5, 2008 11:58 pm US/Pacific

Newsom, Reed Ask Congress Not To Bailout Big 3

 Environment & The Green Beat
SAN FRANCISCO (CBS 5 / KCBS) ― Mayors Gavin Newsom and Chuck Reed have jointly sent a letter to congress, urging lawmakers not to let a Detroit bailout hurt businesses in Silicon Valley.

Instead of using funds from the $700 billion bailout package to help the Big 3 Automakers, the Bush Administration wants to tap into so-called "innovation" funds, money already being counted on by businesses in Silicon Valley.

"That'd be a big mistake… that'd be compounding errors," said Reed.

In Silicon Valley, Tesla Motors is planning to build a 700,000 square foot manufacturing plant for it's Tesla Roadster, a sports car that runs entirely on battery power. In their letter, the mayors say that the company may be forced to defer its plans to build the manufacturing plant, which could cost at least a thousand jobs.

"We have a vehicle right here, in Silicon Valley that gets 200 miles on a battery charge, Tesla Motors produces it, let's not kill that. We need to support innovation and not just dump money into the Big Three," said Reed.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

Add Comment

here. here. Need a log in? Register here
  •  * Will not be displayed with comment
  •  * e.g. (http://www.mywebsite.com)
  •  
  • Click here to refresh with new letters

Show Comments (0)

Close Window Login


Close Window Flag Comment


loading...
You need the latest Flash player to view video content.
Click here to download.

Click here to bypass this detection if you already have the latest Flash Player.

Environment & The Green Beat

Top News Stories

© MMIX, CBS Broadcasting Inc. All Rights Reserved.