The future of the American auto industry is in doubt.

December 11, 2008 11:35:18 PM PST
The future of the American auto industry is in doubt. All this, after support eroded for a version of the bill that passed the house on Wednesday night

The current bill was seemingly dealt a fatal blow Thursday when republican leader Mitch McConnell announced he would not support it and an alternative bill was proposed by Senator Bob Corker. It would still loan General Motors and Chrysler the billions they are seeking, but only on the condition they reduce their debt by two thirds, or file for bankruptcy by March 15.

But both the current and future president support the 14-billion dollar bailout that passed the house and warned Republican Senators against inaction.

Still, Democratic Leader Harry Reid said he's willing to work with Corker and the Republicans. He just wants a plan that will lend the American auto industry a helping hand and he wants it sooner rather than later

Chrysler CEO Bob Nardelli wrote a note to employees on the company website, urging them to contact their representatives and senators and to push for the bill's passage



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