House Passes $819 Billion Stimulus Bill
from CNN
The House passed an $819 billion economic stimulus package on a party-line vote, despite President Obama's efforts to achieve bipartisan support for the bill. More

GM, UAW Reach Cost-cutting Deal
from CNN
General Motors and the United Auto Workers union have agreed to eliminate a controversial program that kept workers at near full pay even when there was no work for them, the company confirmed. More

Obama Tightens Grip on Automakers with Emissions Move
from Bloomberg
President Barack Obama, already overhauling automakers through a U.S. bailout, gains a stronger grip on their future with his move toward letting California set emission standards for the nation. General Motors Corp., Ford Motor Co. and Chrysler LLC would have to shift their product mix to more cars and smaller trucks to meet California’s proposed standards, said Brian Johnson, an analyst for Barclays Capital. More

Ford Reports Loss in 2008, Won't Seek Federal Aid
from The Detroit News
Ford Motor Co. posted a record loss of nearly $14.6 billion for 2008 and reported a fourth-quarter net loss of $5.9 billion. That was worse than Wall Street was expecting, but the company insisted that it has sufficient liquidity to weather the current economic crisis and does not need government aid. More

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GM Still Committed to Launching Light-Duty Duramax Diesel
from Automobile Magazine
Even in light of tumbling truck sales and the disastrous economy, GM remains committed to get its 4.5-liter light-duty Duramax diesel to market. GM remains the last truck maker with plans to produce a light-duty diesel. Chrysler has said that its Cummins-sourced light diesel won’t be available until at least 2011, while both Ford and Toyota shelved their plans for a light-duty diesel indefinitely. More

Fed Leaves Rates Near Zero
from CNN
The Federal Reserve kept its key interest rate near 0%, and said it is prepared to take additional steps to try to fix the troubled U.S. economy and credit markets. The Fed said it stands ready to purchase longer-term Treasurys if it determines that such a move will help get credit flowing once again. This may help lower the yield on the government bonds and further lower the rates on various types of loans tied to Treasurys. More