Top Republican senator opposes automaker bailout

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By WSBT News1

Story Created: Nov 16, 2008 at 11:37 AM EDT

Story Updated: Nov 16, 2008 at 11:37 AM EDT

WASHINGTON (AP) — A top Republican senator says he will fight a Democratic plan to bail out U.S. automakers. The opposition by Sen. Richard Shelby and other GOP lawmakers raises doubts about whether the plan will pass in this week's postelection session.

Shelby is the top Republican on the Senate Banking, Housing and Urban Affairs Committee. He says it would be mistaken to use any of the $700 billion in the Wall Street rescue to help automakers survive the crisis.

He calls the American auto industry a "dinosaur" and says a federal bailout would only postpone its demise.

Democratic leaders want to use $25 billion to help General Motors Corp., Ford Motor Co. and Chrysler AG. Democrats have narrow control in the Senate, and President George W. Bush opposes the idea.

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