Congress is pushing forward with negotiations for a bridge loan to the country’s Big Three automakers. Congressman John Yarmuth of Louisville says he’s hesitant about parts of the legislation, but thinks it’s necessary.
Two of the Big Three – GM and Chrysler – say they’ll fail in weeks, not months, if the government doesn’t give them a loan. Ford officials say they’re on more stable ground, but their suppliers will suffer if the other two are allowed to fail. So Congress is considering a 15-billion dollar loan to the auto industry.
One of the caveats under consideration is the appointment of a so-called ‘car czar’ to oversee the funds. Yarmuth thinks that goes too far.
“I don’t think that’s something the government ought to get involved in,” says Yarmuth. “We ought to be setting policies that are aimed at some goals, but we shouldn’t be managing companies.”
Yarmuth believes some form of financial aid for the automotive industry will pass Congress by the end of the week.