Senate GOP Puts up Road Block to Autos Bailout
No sooner did the House Democrats release the final version of the $15 billion autos bailout bill -- emergency bridge loans to allow GM, Ford and Chrysler to stay in business -- Senate Republicans vowed to block it.
Sen. Richard Shelby (R-Ala.), ranking member of the Banking committee, said moments ago: "This will not make Chrysler, GM and Ford any more competitive. Unless they become lean and innovative in the marketplace, this is only delaying their funeral."
He went on to characterize the Big Three as if they were alcohol- or drug-dependent -- addicts only change when they recognize there's a problem and want to change: "I want them to survive but they have to make that decision themselves. They can save thousands and thousands of jobs. But this proposal that I have seen thus far will not do it," he said.
Senate Republicans are pushing for a "forced restructuring" of the Big Three, presumably through Chapter 11 bankruptcy, which the automakers have resisted, saying that consumers won't buy cars from companies in bankruptcy.
December 10, 2008; 12:17 PM ET
Categories: The Ticker | Tags: Chrysler, Ford, GM, Richard Shelby
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