Auto bailout plan

December 5, 2008 12:00:00 AM PST
A forward-moving plan to help out America's ailing auto industry appears to be stuck in the mud.CEO's from Detroit's big three are back on Capitol Hill Friday, urging congress to fast-track a rescue, worth $34-billion dollars. The plan to turn around the sinking auto industry includes slashing payrolls and executive pay, and developing more fuel efficient vehicles. But house members are split on a bail out.

Rep. Donald Manzullo, (R) Illinois said, "We need to encourage Americans to buy cars again! And that is not in any of our plans!"

If Washington is to save the auto industry, political leaders need to agree on a source of funding for a possible rescue package.

Congressional Democrats said the White House must use money from the $700-billion dollar financial industry bail out. But the White House remains reluctant, saying Congress should use the $25-billion dollars already allocated, not to make greener cars, but to save the car makers.

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