Wired PR News.com – Republicans strongly opposed the purported deal reached between Democrats in Congress and the White House Wednesday, which many believed would finally be a go after weeks of tough negotiations. As reported by the Associated Press (AP), GOP senators showed overwhelming disapproval of the $14 billion bailout plan, which was stated to have been void of big enough concessions from workers and creditors related to the Detroit Big Three. Republicans also took issue with the environmental mandate included in the plan.
Congressional Democrats remain hopeful for a resolution by the end of the week that would assist the troubled auto industry. Democratic Representative Barney Frank was quoted in the AP report as stating “To give up on the auto industry now would be to condemn the American economy at one of its most vulnerable periods in our economic history to a degree of further hurt.”
Holding a different view, Republican Senator Bob Corker stated “People realize that this bill is an incredibly weak bill, (and) is the product of an administration that wants to kick the can down the road and let somebody else deal with it.”