Bush, Dems reach auto bailout deal; GOP could block it

The White House and Democrats announced a deal on a bailout for the Big 3 automakers Wednesday, but a number of Senate Republicans says they'll block it. The proposed deal would quickly send $14 billion

News 12 Staff

Dec 11, 2008, 3:09 AM

Updated 5,703 days ago

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The White House and Democrats announced a deal on a bailout for the Big 3 automakers Wednesday, but a number of Senate Republicans says they'll block it.
The proposed deal would quickly send $14 billion in emergency loans to GM and Chrysler. Ford would not receive money immediately, but would be allowed to apply for funds in the future.
The deal would have the president appoint a 'car czar' who could force the Big 3 into bankruptcy if a restructuring blueprint is not developed by March.
Long Island economist Pearl Kamer says the bailout is a better choice than allowing the auto companies to go bankrupt. Kamer also says taxpayers would have to cough up more money without the bailout due to unemployment increases.
"Let's see if they can turn themselves around and become viable companies," says Kamer. "If not, you haven't lost anything."


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