Democratic News Chatter 3-30-2009

George Wenschhof Bio

Today, President Barack Obama will announce the latest bailout plan for automakers - he is expected to make his remarks from the White House around 11:00 AM ET today. Evidently the restructuring plans recently submitted by GM and Chrysler were not acceptable and conditions will be placed on any additional funds. ThePage.Time.com has more here.

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GM CEO Rick Wagoner forced to resign after company failed to submit viable plans to save automaker - the president's automakers task force recommended the change after they reviewed the recent restructuring plans submitted by the company. Bloomberg.com has more here. Michigan Democratic Governor Jennifer Granholm was not happy to hear the news Wagoner had been forced out by the Obama administration - saying on NBC "Today" "clearly he is a sacrificial lamb". You can watch the clip here.

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Dow Jones down 200 in early trading as investors worry about fate of automakers - after three straight weeks of gains on the Dow Jones, the early drop shows how shaky the market is. Watch to see the reaction of the markets to the President's auto bailout speech this morning. CNN.com has more here.

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Meanwhile, President Obama continues to push his budget, meeting with the House Democratic Caucus today - the House version of his 3.55 trillion budget is similar to what he submitted so there are not expected to be any battles here. The president is scheduled to meet with them at the capitol around 5:30 PM ET today. The House is expected to pass a budget resolution this week. Politico.com has more here.

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