According to House Speaker Nancy Pelosi, Congress is considering bailing out Detroit’s Big 3. Pelosi recently held a meeting with Democratic heads to consider another $25 billion in ‘bridge financing’ to help the Big 3 make it through the struggling auto economy.
“We’re not saving those companies, we’re saving an industry,” said Pelosi. “We’re saving an industrial technological and manufacturing base… It’s about jobs in America.”
According to a report by the Detroit News, if an agreement is reached to provide the Big 3 with more aid, the House of Democrats will make sure that the money comes with limitation such as limiting executive bonuses and compensation. During the meeting, Congressional leaders did not reach an agreement on the amount of aid to be provided, but planned to gather more information in the coming days.
Source: Detroit News