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Pelosi confident House will help auto industry
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Speaker Nancy Pelosi said Saturday the House would provide aid to the ailing U.S. auto industry, requiring that the industry meet new fuel-efficiency standards, produce advanced vehicles and restructure "to ensure their long-term economic viability."
Pelosi, D-Calif., did not disclose the amount of funding House leaders intend to seek for the industry -- automakers have been asking for $25 billion in loans to stabilize their sinking companies. But she said the money should come from the $700 billion financial bailout approved by Congress in October. That sets up a conflict with the White House, which has opposed using the bailout funds to help General Motors, Ford and Chrysler.
The Big Three automakers are lobbying lawmakers furiously for an emergency infusion of cash. GM has warned it might not survive through year's end without a government lifeline.
President-elect Barack Obama said he believes that aid is needed but that it should be provided as part of a long-term plan for a "sustainable U.S. auto industry" -- not simply as a blank check.
"For the auto industry to completely collapse would be a disaster in this kind of environment," Obama said in an interview with CBS's "60 Minutes" that will air tonight.
The issue will dominate Capitol Hill on Monday when Congress returns for its post-election, lame-duck session. A key Senate vote on preventing opponents from blocking the auto industry bailout could occur as early as Wednesday.
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