Auto Industry Bailout Nearing Approval
Wednesday, December 10, 2008
Tom Fudge: The U.S. House of Representatives could vote on a bailout package for the auto industry as early as this afternoon. The $15 billion in federal loans is being offered to help the car makers, especially GM and Chrysler, stay out of bankruptcy court. But it looks like that money would only tide them over until April. While approval of the plan is pretty sure in the House, the Senate is a different story. A number of southern Senators are opposed to the plan, especially Republicans. Ironically, the auto industry in some southern states is Japanese. States that are home to Nissan and Toyota plants aren't excited about bailing out the competition.
- Lance Roberts, director of Public and Regulatory Affairs for the New Car Dealers Association of San Diego .
- Dean Calbreath, business columnist for the San Diego Union-Tribune .