Reid: Auto bailout lacks enough votes to pass
|In this Oct. 2, 2008 file photo, Janna Dake inspects a 2009 F150 pickup as it goes down the line at the Kansas City Ford Assembly Plant in Claycomo, Mo. The United Auto Workers on Wednesday, Dec. 3 said it is willing to change its contracts with U.S. automakers and accept delayed payments of billions of dollars to a union-run health care trust to do its part to help the struggling companies secure $34 billion in government loans.|
WASHINGTON (AP) -- Senate Majority Leader Harry Reid says the Democrats' plan to tap the Wall Street rescue fund to save U.S. automakers doesn't have the votes to pass.
One day after Detroit's Big Three sent survival plans to Capitol Hill in an urgent plea for $34 billion in government aid, Reid said there's still not enough support in Congress for using some of the $700 billion bailout to help the teetering carmakers.
He told The Associated Press in an interview, "I just don't think we have the votes to do that now."
The Bush administration and auto-state Republicans and Democrats are pushing instead to take a $25 billion program to help the carmakers produce green vehicles and convert that into emergency loans.