Senator: not enough votes for auto bailout

One top senator says the votes aren’t there, but congressional Democrats are still pushing forward with a rescue package for Detroit’s Big Three.

It would grant General Motors, Ford and Chrysler a total of $25 billion in emergency loans from the $700 billion financial bailout.

In exchange, the government would get an ownership stake in the automakers.

Senior Democrats behind the effort hope to push it through during a lame duck session of Congress next week.

But the idea is running into resistance from congressional Republicans and President George W. Bush. House Republican leader John Boehner says the automakers are offering “no promises to
reform the root causes crippling” their competitiveness.

Sen. Chris Dodd suggests it would be better to wait until President-elect Barack Obama and a new Congress are sworn in.