Posted on 11/16/2008 4:43:03 PM PST by tobyhill
The potential collapse of the auto industry would be "a disaster" amid today's economic crisis, President-elect Barack Obama told CBS' "60 Minutes" in a wide-ranging interview airing Sunday.
"It's my belief that we need to provide assistance to the auto industry," Obama tells veteran correspondent Steve Kroft, according to excerpts released by CBS. "But I think that it can't be a blank check."
The Senate is expected to vote this week on emergency loans to the auto industry, though the measure faces strong opposition from many Republicans.
The bill would authorize loans to the auto industry from the Treasury Department's $700 billion fund to bail out the financial services industry.
Detroit auto executives are scheduled to plead their case in public hearings in the House and Senate.
(Excerpt) Read more at cnn.com ...
Yup, I love my Tundra even more now!
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