Detroit Starts Making Case for Federal Aid

WASHINGTON, DC - Dec. 04: General Motors Chairman Richard Wagoner Jr.; Ron Gettelfinger, president of the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America; Ford Motor Co. CEO Alan Mulally; Chrysler CEO Robert Nardelli; James Fleming, president of the Connecticut Automotive Retailers Association; Keith Wandell, president of Johnson Controls Inc.; and Mark Zandi, of Moody's Economy.com; during the Senate Banking hearing on potential financial aid legislation for the U.S. auto industry. Though a key senator is crafting legislation to rescue the ailing auto industry, the political viability of a bailout remained uncertain Thursday amid disagreement over where the money should come from and whether bankruptcy would be a better option. Opening crucial hearings on the industry�Äôs plea for $34 billion in federal loans, Senate Banking Committee Chairman Christopher J. Dodd said the request is �Äúmodest in comparison�Äù with the flood of federal money that has been used to prop up banks and other financial institutions, and that the Big Three �Äúhave done far more... to show they deserve financial support.�Äù But other lawmakers, particularly Republicans, remained unconvinced. (Photo by Scott J. Ferrell/Congressional Quarterly/Getty Images)
WASHINGTON, DC - Dec. 04: General Motors Chairman Richard Wagoner Jr.; Ron Gettelfinger, president of the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America; Ford Motor Co. CEO Alan Mulally; Chrysler CEO Robert Nardelli; James Fleming, president of the Connecticut Automotive Retailers Association; Keith Wandell, president of Johnson Controls Inc.; and Mark Zandi, of Moody's Economy.com; during the Senate Banking hearing on potential financial aid legislation for the U.S. auto industry. Though a key senator is crafting legislation to rescue the ailing auto industry, the political viability of a bailout remained uncertain Thursday amid disagreement over where the money should come from and whether bankruptcy would be a better option. Opening crucial hearings on the industry�Äôs plea for $34 billion in federal loans, Senate Banking Committee Chairman Christopher J. Dodd said the request is �Äúmodest in comparison�Äù with the flood of federal money that has been used to prop up banks and other financial institutions, and that the Big Three �Äúhave done far more... to show they deserve financial support.�Äù But other lawmakers, particularly Republicans, remained unconvinced. (Photo by Scott J. Ferrell/Congressional Quarterly/Getty Images)
Detroit Starts Making Case for Federal Aid
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Credit:
Scott J. Ferrell / Contributor
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CQ-Roll Call, Inc.
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04 December, 2008
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