Democratic plan to bail out U.S. automakers. The opposition by Sen.
Richard Shelby and other GOP lawmakers raises doubts about whether
the plan will pass in this week's postelection session.
Shelby is the top Republican on the Senate Banking, Housing and
Urban Affairs Committee. He says it would be a mistake to use any
of the $700 billion in the Wall Street rescue to help the
automakers survive the current crisis.
He calls the American auto industry a "dinosaur" and says a
federal bailout would only postpone its demise.
Democratic leaders want to use $25 billion to help General
Motors, Ford and Chrysler. But Democrats have only a narrow Senate
majority. Also, President George W. Bush also opposes the idea.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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sarahsarah, it was on the news this morning by the time you consider benefits it adds up to 71 dollars a hour, toyota is 43 dollars a hour. the rep was floored when confronted about the fact a lot of the bail out money would be used for pension money for those who have retired.