The economy is failing, some even say it is the worst since the great depression. With a potential auto bailout in the future the problem is hitting very close to home.
On Monday the Senate Democratic leaders brought forth a $25 billion plan to help automakers avoid bankruptcy. However, Congress is still unsure as what role government should play.
The proposed bailout is in the form of emergency loans. It is part of a whole stimulus plan from the Democrats that would help states hurting for revenue.
However, Senate Majority Leader Harry Reid said he would try to pass the auto-industry bailout as a separate broader package.
Former Central Michigan University student Brett Belleau works in Detroit for an advertising agency of which the auto-industry is a very important client.
“It’s a scary time financially in Detroit until we get word on this auto bailout,” said Belleau.
Under the Senate plan, the $25 billion emergency loan fund would come from the $700 billion rescue fund approved by Congress last month. In order to get the loans the companies will have to submit plans on how they are going to use the money.
“Hopefully a decision will come sooner than later so we can figure out how to get back on track,” said Belleau.
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