The already hot debate over a bailout for U.S. auto makers is reaching inferno temperatures. The Senate could vote this week on a bill introduced today to rush aid to the ailing Big 3 auto makers.
The proposed aid would come out of the $700 billion financial rescue plan that Congress approved to help banks and other financial companies. Critics are saying, “Whoa! If we help the Big 3, every other struggling industry will be lining up for help.” Not to mention the fact that car manufacturers aren’t banks or financial companies.
Of course, it’s not that simple, given the interconnectedness of today’s economy.
While the sparks are flying on Capitol Hill, tomorrow on 360 we’ll look at a provocative question: What if the government doesn’t bail out the Big 3? What if Chrysler, Ford and General Motors were simply allowed to fail? One side of the debate warns that doing nothing would result in economic catastrophe; the other side sees the tough love approach as an opportunity for the industry to remake itself to compete in the 21st century global market. Tom Foreman has the story.
We’d love to hear your thoughts on saving the Big 3. Should the government give U.S. auto makers CPR – paid for with your tax dollars - or a huge helping of tough love?
We’ll also be keeping a close eye on the Obama transition. We’ll have the details on any new announcements about staffing and other appointments.
See you tomorrow!
Filed under: 360° Radar
Anderson Cooper goes beyond the headlines to tell stories from many points of view, so you can make up your own mind about the news. Tune in weeknights at 8 and 10 ET on CNN.
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