There is no hope yet for the US automakers. Thursday saw the Democratic Congressional leaders fearing that they would face opposition from the Republicans at the lame-duck session to be held next week crashing any hopes of a prospective bail out for the automakers from the government.
Capitol Hill Democrats who had been hoping for an aggressive economic stimulus measures and have been pushing for a package which includes the automakers along with other sectors like enhanced benefits for the jobless, aid for Medicaid expenses for the states, pubic works projects, etc saw their hopes evaporating.
According to industry experts, at least one of the three big automakers will collapse leading to grave consequences very soon even as the Democrats feel stimulus measures are likely to get underway only after Barack Obama, the President elect takes office in January.
Democrats will be pushing ahead with their efforts in providing at least $25 billion aid for the automakers battling the opposition from the Repubicans in Capitol Hill. The bill however requires to be granted approval from the Senate which they feel may be unlikely.
Automakers are headed for trouble as chances of a bailout further dimmed with President Bush traveling to Wall Street and defending capitalism vociferously. He also warned global leaders and the incoming Obama administration against hindering free trade by regulating markets to a great extent.
The White House has recently been warning against helping unsalvageable companies with taxpayer’s money and resisting calls asking for aid for the troubled automakers.