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Auto Bailout May Have To Wait

Turner: Problems Aren't Going Away

POSTED: 4:34 pm EST November 16, 2008

A vote could come as early as Wednesday on an effort by Senate Democrats to provide a bailout for the U.S. auto industry. But some Senate Republicans made it clear Sunday that it's not a done deal.

Turner Talks Auto Bailout

Sen. Richard Shelby of Alabama and Sen. Jon Kyl of Arizona said it would be a mistake to use any of the Wall Street rescue money to prop up the automakers. They said it would only postpone, and not prevent, the industry's demise.

Automakers are seeking $25 billion from the bailout for emergency loans. But supporters of the aid for GM, Ford and Chrysler have offered to reduce the size of the rescue to win support.

On CNN's Late Edition Sunday, CNN founder Ted Turner gave his take.

"I don't like to see these bailouts, and particularly of the big industry and, on top of that, who's to think that $25 billion is going to bail them out?" Turner asked. "That'll probably last until March and then they'll be back for some more. Their problems aren't going to go away any time soon. They've just been building the wrong kind of cars for a long time."

Senate Democrats plan to introduce legislation on Monday attaching an auto rescue to a House-passed bill extending unemployment benefits. The Democrats will need at least a dozen GOP votes in the Senate to keep opponents from blocking the measure.

House Speaker Nancy Pelosi said over the weekend that the House would help the auto industry, but she didn't put a price tag on it.


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