Democratic congressional leaders say they’ll introduce emergency legislation next week to include the struggling auto industry in the $700 billion Wall Street bailout. The Democratic plan would give car companies up to $50 billion in taxpayer money. It would either come as a stand-alone measure or as part of a broader package alongside new money for healthcare, food stamps and public infrastructure. President-elect Barack Obama raised the issue with President Bush at their Monday White House meeting. Bush reportedly suggested he would only back an auto industry bailout if Democrats support the stalled “free trade” deal with Colombia. The Colombia trade deal has been help up in part over human rights concerns. On Tuesday, shares in the auto giant General Motors fell an additional 13 percent to its lowest level since 1943. More on this story after headlines.
Dems to Push Auto Industry Bailout Measure
HeadlineNov 12, 2008