US automakers beg for $25 billion lifeline
General Motors employees and supporters listen during a "Support The U.S. Auto Industry Rally" at the General Motors Assembly Plant in Arlington, Texas, on Tuesday, Nov. 18, 2008. Detroit's Big Three automakers pleaded with Congress on Tuesday for a $25 billion lifeline to save the once-proud titans of U.S. industry, warning of a national economic catastrophe should they collapse.
WASHINGTON (AP) _ The three biggest U.S. automakers pleaded with Congress on Tuesday for a $25 billion lifeline to save their once-proud companies from collapse, warning of broader peril for the American economy as well.
Despite the automakers' pleas, the new rescue plan appeared stalled in Congress, opposed by Republicans and the Bush administration who do not want to dip into the Treasury Department's $700 billion financial bailout program to come up with the $25 billion.
Rank and file Republicans and Democrats from states heavily impacted by the auto industry worked in private trying to come up with a compromise that could speed some aid to the automakers before year's end. It was an uphill fight.
"Our industry ... needs a bridge to span the financial chasm that has opened up before us," General Motors Corp. CEO Rick Wagoner told the Senate Banking Committee.
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