Senate Republicans resist bailout bill
Posted on: Wednesday, 10 December 2008, 18:33 CST
A proposed bailout for the U.S. auto industry could be derailed by Senate Republicans opposed to the $14 billion plan, officials said Wednesday.
The Washington Post reported the plan backed by the White House and Democrats to help General Motors, Ford Motor Co. and Chrysler lacks sufficient Republican support to pass.
Some GOP members say rather than bailing out the Big Three automakers, they preferred to let troubled U.S. automakers reorganize themselves in bankruptcy proceedings.
In response, President George Bush dispatched White House Chief of Staff Joshua Bolten to meet with lawmakers on Capitol Hill.
Among Senate Republicans opposed to a bailout plan are Jim DeMint of South Carolina, Richard Shelby of Alabama, John Ensign of Nevada, Tom Coburn of Oklahoma and David Vitter of Louisiana, The Hill reported.
The bailout legislation would require Bush to name an auto czar
who would monitor the automakers' progress in their return to private, self-sustaining status, CNN reported
If the companies do not meet financial progress standards, the auto czar would call in the loans. The bill also bars the companies from further federal assistance should they fail to make progress.
Source: United Press International
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