Auto sales have plummeted. General Motors is on the verge of bankruptcy. The Detroit auto industry, which was once the symbol of American industrial success, is now depending on a Congressional bailout to save it from collapse.
And yet, Congress, which scrambled to pass a $700 billion Wall Street bailout, can not agree on legislation that would both save auto makers such as GM and provide guidelines to ensure the future success of the American automotive industry.
What happens if Congress can’t agree on an auto industry bailout? The Center for Automotive Research (CAR) estimates that a GM bankruptcy filing would result in the initial loss of approximately 2.5 million jobs, according to the Washington Post.
