Congress to debate proposed auto bailout

The focus of the U.S. Congress this week will again be on a proposed bailout package, only this one will target automakers. Opponents of an auto industry bailout have called the industry a dinosaur.

News 12 Staff

Nov 17, 2008, 4:27 PM

Updated 5,723 days ago

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The focus of the U.S. Congress this week will again be on a proposed bailout package, only this one will target automakers.
Opponents of an auto industry bailout have called the industry a dinosaur. Democrats pledged Sunday to do their best to get Detroit a portion of the $700 billion Wall Street rescue in this week's lame-duck session of Congress.
"My 2 cents worth is that we're going to have to do it, but in order to do it, we have to have guarantees," says Rep. Gary Ackerman (D-Roslyn Heights).
General Motors Corp., Ford Motor Co. and Chrysler LLC are seeking $25 billion from the financial industry bailout for emergency loans. Those who support aid for the three companies have offered to reduce the size of the rescue to win backing in Congress.
Drivers at a Gulf station in Roslyn Heights say that while they have mixed feelings about the proposed bailout, the prospect of people in the auto industry losing their jobs is disconcerting.
AP wire services contributed to this article.


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