By
Associated Press
.
Published: Wed, November 19, 2008 - 4:00 am
WASHINGTON (AP) - A new rescue plan for the U.S. auto industryappears stalled on Capitol Hill.
Detroit's Big Three automakers pleaded with a reluctant Congress
Tuesday for a $25 billion lifeline. They pointedly warned of a
national economic catastrophe should they collapse, resulting in
millions of layoffs.
But a rescue is opposed by the Bush administration and
Republicans in Congress who don't want to dip into the $700 billion
financial bailout program.
Rank and file Republicans and Democrats from states heavily
impacted by the auto industry are working behind the scenes.
They're trying to hammer out a compromise that could speed some aid
to the automakers before year's end. But it's been an uphill fight.
Under questioning from skeptical senators, General Motors CEO
Rick Wagoner and Chrysler CEO Robert Nardelli said they'd be
willing to consider slashing their salaries to $1 to show a
willingness to sacrifice for federal help.
Bail Out The Auto Industry?
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Just heard on the radio this morning that the guy from GM flew down to D.C. on the companies $36 mil jet at a cost of $20k instead of commercial. In fact all three automaker reps flew on private jets to D.C.