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Current Events: AUTOMAKER BAILOUT MEETS GOP RESISTANCE
Posted on Sunday, November 16 @ 12:24:43 CST by michigan |
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AUTOMAKER BAILOUT MEETS REPUBLICAN RESISTANCE
WASHINGTON (Reuters) - A key Republican Senator said on Sunday it
was "pretty clear" a $25 billion bailout proposal for U.S. automakers
will fail in the U.S. Senate, while Democrats argued saving the
industry was critical to the U.S. economy.
The Senate is slated on Monday to begin debating emergency
legislation to General Motors Corp, Ford Motor Co, and Chrysler LLC in
a special post-election session to deal with the economic crisis.
The leading Democratic plan would authorize up to $25 billion in
loans from the Treasury Department's $700 billion corporate rescue
program to help Detroit survive its financial crisis. In return, the
government would take equity stakes in the companies and impose limits
on executive compensation.
On television news shows Sunday, Republican critics argued the
government should not be in the business of choosing which companies
survive and which fail, while Democrats said an auto industry collapse
would hurt millions of workers beyond the auto industry and undermine
the U.S. manufacturing base.
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