Auto bailout faces major obstacle from Republicans in the Senate

Celebrations in Detroit after the House’s approval to rescue the nation’s auto industry took a major blow after the proposal came under fire from some top Republicans in the Senate. The Senate’s top Republican, Mitch McConnell from Kentucky said vowed to oppose the bill.

“This proposal isn’t nearly tough enough,” said McConnell. “A government big enough to give us everything we want is a government big enough to take everything we have,” he said.

Senate Democrats are pushing forward with plans to vote for the $14 billion aid package that passed the House on a 237 to 170 vote as early as Thursday morning.

President-elect Barack Obama urged lawmakers for passage of the bill earlier this morning. He called the package a “step forward” saying that the government can’t just stand by and watch the industry collapse which could cause a “devastating ripple effect.”

Democrats will need a dozen or more Republican votes to win the passage.

Source: WSJ