Despite a fine-tuned sales pitch to Congress, the Big Three automaker are going back to Detroit empty-handed. It’s becoming less and less likely that General Motors Corp., Ford Motor Co. and Chrysler LLC will claim a $25-billion chunk of the $700 billion Wall Street rescue package. Democrats nixed the idea of voting on the proposal — why help a flawed industry? — to the dismay of the White House and congressional Republicans who believe a quick bailout is the only way to save the cash-hemorrhaging car companies and the estimated 2.5 million jobs at stake should one of Detroit’s Big Three break down. GM and Chrysler have said they may not make it to the end of the year. Congress could revisit the proposal in early December.
The World is an independent newsroom. We’re not funded by billionaires; instead, we rely on readers and listeners like you. As a listener, you’re a crucial part of our team and our global community. Your support is vital to running our nonprofit newsroom, and we can’t do this work without you. Will you support The World with a gift today? Donations made between now and Dec. 31 will be matched 1:1. Thanks for investing in our work!