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Auto Bailout May Have To Wait
Turner: Problems Aren't Going Away
POSTED: 4:34 pm EST November 16,
2008
WASHINGTON -- 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.
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.
Previous Stories:
- November 15, 2008: UAW Leader: No More Concessions
- November 15, 2008: Auto Bailout Backers Offer To Cut $25B Size
- November 14, 2008: Bush Wants $25B In Loans Released To Carmakers
- November 13, 2008: Democrats Push Ahead With Auto Bailout
- November 13, 2008: Budget Deficit Reaches Record $237.2B
- November 11, 2008: Top Leaders Ponder Automaker Bailout
- November 8, 2008: Automakers Struggle To Survive Past Mistakes
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