(12 Nov 2008) HEADLINE: Should the government bail out the auto industry?
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CAPTION: Democratic leaders on Capitol Hill are pressing for quick passage of an auto bailout bill when Congress reconvenes next week. The money would come from the huge Wall Street rescue bill that Congress approved last month. (Nov. 12)
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[Notes:ANCHOR VOICE]
[Notes:VO --GENERAL MOTORS]
WITH GENERAL MOTORS WARNING IT MAY RUN OUT OF MONEY BY THE END OF THE YEAR -- DEMOCRATS ON CAPITOL HILL ARE HURRYING TO PUT TOGETHER A BAILOUT PACKAGE FOR THE INDUSTRY.
BAILOUT PROPONENTS SAY THE AUTO INDUSTRY IS KEY TO THE U.S. ECONOMY,
[Notes:SOT --DAVE MCCURDY/ALLIANCE OF AUTOMOBILE MANUFACTURERS]
This is not just someone crying wolf…this is a serious economic recession ..potentially a depression in the auto sector
DEMOCRATS ARE DRAFTING LEGISLATION THAT WOULD DIP INTO THE $700 BILLION DOLLAR WALL STREET RESCUE PACKAGE THAT WAS APPROVED BY CONGRESS LAST MONTH.
AUTO EXECUTIVES -- LABOR LEADERS -- AND OTHERS WANT AN IMMEDIATE $25 BILLION DOLLAR LOAN TO KEEP THE COMPANIES OPERATING -- AND MORE MONEY TO HELP COVER THE AUTO COMPANY'S FUTURE HEALTH CARE OBLIGATIONS.
BUT OPPONENTS SAY THE GOVERNMENT SHOULD STAY OUT OF THE MARKETPLACE.
[Notes:SOT --DAN IKERSON / CATO INSTITUTE]
(SOT -- Dan Ikenson/Economist/Cato Institute)
I think the best solution is to allow the market to work..if one company were to go bankrupt and liquidate…the prospects for the other two would be much greater because they would have a larger slice of the market….
[Notes:VO---BUSH]
PRESIDENT BUSH APPEARS COOL TO THE DEMOCRATS' PROPOSAL -- ALTHOUGH HIS PRESS SECRETARY SAYS HE'S OPEN TO HELPING THE TROUBLED INDUSTRY.
[Notes:VO--PAULSON]
AND WEDNESDAY -- HIS TREASURY SECRETARY CALLED THE AUTO SECTOR CRITICAL -- BUT SAID THE FINANCIAL INDUSTRY RESCUE WASN'T DESIGNED FOR CAR COMPANIES.
[Notes:VO--CONGRESS]
EVEN SO -- THE HOUSE MAY VOTE ON THE PROPOSAL AS EARLY AS NEXT THURSDAY.
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