Granholm on Economy

Governor Granholm held a press conference Friday discussing the impending cuts and the future of the auto industry.

Granholm says she's confident a bailout is going to happen, but not happy about the standards the auto industry is being held to.

With batteries made in Asia and oil coming from the Middle East, Granholm says it's time for the auto industry to declare themselves to Congress as the leaders of our energy future.

"The auto industry has to make that case it's about manufacturing, it's about national security, it's a critical national need to have energy independence and a strong auto sector," she said.

Gov. Granholm says it's clear that the auto industry is being held to much different standards than Wall Street was when it came time to bail them out.

She says Wall Street was essentially given no conditions on their bailout while the auto industry must approach congress thoughtfully.

"They need to go in with an offensive plan not a defensive plan, they have to say we are the engine not the caboose of the energy industry...energy independence," she said.

And while there are certain conditions that the auto industry must adhere to, Granholm says she's confident that a bridge loan will be approved.

"We will get a bailout, I'm confident of that but they have to make the case. The nation has said that it is not acceptable for these companies to go into bankruptcy," said Granholm.

The Governor says that leaders of both the House and the Senate along with the Obama team have expressed that the domestic auto industry must not be allowed to fail.

The auto industry is expected to present a finalized plan to Congress on December 2nd, from there Congress will vote on December 8th.