Auto Bailout Dead in Senate
The Senate has effectively killed the chances of the auto bailout. Leading the oppositon: Republican Senator Mitch McConnell.
In a speech on the Senate floor, Mr. McConnell said he and other Republicans had drawn a clear distinction between the Treasury’s $700 billion economic stabilization, which they helped pass in October, and the proposal to aid the American automakers, which he said raised questions about which industries or individuals deserve help.
The House approved the $14 billion plan, negotiated by Congressional Democrats and the White House, on Wednesday night. It would grant emergency short-term loans to General Motors and Chrysler and require the companies to submit to broad government oversight directed by a so-called car czar appointed by President Bush.
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