A bill to rescue the "Big Three" automakers stalls. Top Senate Democrats say it's up to the Bush administration to save the auto industry if congress can't...but the White House is tossing the ball right back.
Here's where things stand.
A bill to rescue GM, Ford and Chrysler is stalled.
The chances of reaching an agreement are remote, according to the chairman of the Senate Banking Committee.
GM's CEO says the collapse of the U.S. auto industry could mean 3-million without jobs within a year.
Robert Nardelli, CEO of Chrysler Corp. stated, "Given our common supplier base, the bankruptcy of any one automaker could threaten the viability of ALL automakers."
News 3's Tina Tyus-Shaw spoke today with CNBC'S John Harwood, asking "Do you think a bailout for the big 3 will really make people go out and buy cars?"
Harwood stated, "Well, the problem for the auto firms is that lawmakers don't believe that. They see this as throwing good money after bad, and so the support that Democratic leaders hope would exist for sending this 25 billion dollar bridge loan to the big 3 auto companies simply is not materializing. It looks like lawmakers are willing to take the chance that Detroit either won't go broke before Barack Obama takes over or that if they go into Chapter 11 Bankruptcy it won't be all that bad and they can restructure as other firms have done."
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