The head of the company that owns most of Chrysler LLC says the United States needs an economic stimulus package and must make sure the domestic auto industry doesn't fail.
Cerberus Capital Management LP Chairman John Snow said Wednesday that president-elect Barack Obama and his treasury secretary need a bipartisan plan to counter the worst economic downturn in about 50 years.
Snow says the U.S. auto industry is a vital part of the economy. He said on the CNBC cable channel that the industry's collapse would be devastating to a new president.
Cerberus is in talks with General Motors Corp. about GM acquiring Chrysler. GM is seeking federal aid for the deal.
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