Senate To Review Auto Rescue Bill Monday

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By Laura Donaldson

Story Published: Nov 14, 2008 at 6:22 PM EST

Story Updated: Nov 14, 2008 at 6:22 PM EST

FORT WAYNE, Ind. (Indiana’s NewsCenter) – The Senate will review a rescue bill for the auto industry on Monday. This news comes after staggering third quarter losses for the “Big Three” U.S. automakers.

The bill would be an emergency loan of $25 billion. And because it is a loan, it differs from the bank rescue bill. Right now, democrats and republicans alike are discussing the structure of the bill.

A key democrat is writing legislation that would allow the $25 billion loan to be given in exchange for a government ownership stake in the “Big Three.”

Congressmen Mark Souder says he can’t vote for a bill that would allow the government to take an ownership stake.

“I want to help GM, Ford, and Chrysler,” said Souder. “But I don’t want the government becoming an actual business partner in the companies.”

Supporters scrabble to find support across the isle to prevent an expected filibuster. Between a dozen and 15 GOP votes are expected needed to prevent this.

Souder says if the rescue plan is written and passed with the government taking a stake in the auto industry he would consider that “going down the road to socialism.”

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