“Big Three” more eager to get bailout
Detroit’s Big Three auto makers are more eager to get $25 billion bailout.
Democratic congressional leaders want to tap the $700 billion Wall Street rescue package for new loans to U.S. auto manufacturers and suppliers.
The debate comes as the financial situation for General Motors Corp., Ford Motor Co. and Chrysler LLC grows more precarious. GM has said it could run out of cash by year’s end without government aid.
President George W. Bush and GOP lawmakers instead propose diverting $25 billion in loans approved by Congress in September, designed to help auto manufacturers retool their factories.
The executives, along with the head of the United Auto Workers union, were making their case Tuesday at a hearing before the Senate Banking Committee.