Bail Out The Auto Industry?

Alabama Republican Senator Richard Shelby tells CBS's "Face The Nation" it's a mistake while Democratic Congressman Barney Frank supports the $25 billion bailout

By: Michael Snowden | WKRG-TV
Published: November 16, 2008

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WASHINGTON (AP) - A top Republican senator says he will fight a
Democratic plan to bail out U.S. automakers. The opposition by Sen.
Richard Shelby and other GOP lawmakers raises doubts about whether
the plan will pass in this week's postelection session.
Shelby is the top Republican on the Senate Banking, Housing and
Urban Affairs Committee. He says it would be a mistake to use any
of the $700 billion in the Wall Street rescue to help the
automakers survive the current crisis.
He calls the American auto industry a "dinosaur" and says a
federal bailout would only postpone its demise.
Democratic leaders want to use $25 billion to help General
Motors, Ford and Chrysler. But Democrats have only a narrow Senate
majority. Also, President George W. Bush also opposes the idea.

(Copyright 2008 by The Associated Press. All Rights Reserved.)