WASHINGTON — Hard-line opponents of an auto-industry bailout branded the industry a “dinosaur” whose “day of reckoning” is near, while Democrats pledged Sunday to do their best to get Detroit a slice of the $700 billion Wall Street rescue in this week’s lame- duck session of Congress.
The companies are seeking $25 billion from the financial- industry bailout for emergency loans, though supporters of aid for General Motors, Ford and Chrysler have offered to reduce the size of the rescue to win backing in Congress.
Senate Democrats intended to introduce legislation today attaching an auto bailout to a House-passed bill extending unemployment benefits. A vote was expected as early as Wednesday.
A White House alternative would let the car companies take $25 billion in loans previously approved to develop fuel-efficient vehicles and use the money for more immediate needs.
Majority Democrats will need at least a dozen Republican votes in the Senate to prevent opponents from blocking their measure. So far, two Republicans have publicly voiced support for the idea.
“Companies fail every day, and others take their place,” said Republican Sen. Richard Shelby of Alabama.
