Tuesday, November 18, 2008

Big 3 carmakers beg for $25B

Detroit's Big Three automakers went to Capitol Hill today to plead to Congress for a $25 billion lifeline to save their once-proud titans of U.S. industry. They pointedly warned Congress of a national economic catastrophe should they collapse.

But the new rescue plan appeared stalled on Capitol Hill, opposed by the Bush administration and Republicans in Congress who don't want to dip into the Treasury Department's $700 billion financial bailout program to come up with the $25 billion in loans.

Rank and file Republicans and Democrats from states heavily impacted by the auto industry worked behind the scenes trying to hammer out a compromise that could speed some aid to the automakers before year's end. But it was an uphill fight.

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