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Tuesday, January 06, 2009
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Congress considers $25-billion bailout of the auto industry
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Workers at the General Motors assembly plant in Shreveport held a rally Tuesday to make their voices heard as Congress considers a $25-billion bailout of the auto industry. Shreveport officials, including Mayor Cedric Glover, were in Washington yesterday to make a pitch to federal lawmakers. U.S. Senator David Vitter, on the other hand, stands against the proposed federal bailout, calling it an "ever-widening intrusion on the free market." Vitter told fellow senators today that such a plan would delay the "Big Three" car companies from restructuring themselves to be more competitive in the market.
Vitter says a bailout without required restructuring would be a huge mistake, carmakers will be back in 6 months wanting more money, and other industries will get in line with their hands out. About 700 Louisiana residents are still working at GM's Shreveport plant, which at one time employed three-thousand. Senator Mary Landrieu's staff says she's still reviewing the bailout plan, before deciding how she stands on it. Congress may vote on whether to approve the 25-billion-dollar bailout during its current lame-duck session. |
Posted on Wednesday, November 19, 2008 3:44 PM
(Archive on Tuesday, November 25, 2008 11:00 PM)
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