The auto industry is critically important to America’s economy, but their business model is an obvious failure. Allowing the auto industry to implode would further destabilize the American economy; this isn't really an option.
That was the consensus of the Senate hearing on Government Assistance for the U.S. Auto Industry. Most members of the Senate committee, Democrats and Republicans alike, agreed that the 25 billion dollars Congress appears ready to hand over to the auto industry would only serve as a band-aid for an industry in the throws of death.
The auto industry’s plea for congressional resuscitation required a deathbed promise: the industry must provide a plan that proves how the industry will use the funds and a guarantee that it will not return for another hand out anytime soon.
Sen. Charles Schumer promoted bandaging the bleeding industry in an effort to save jobs and stabilize the economy. "While I believe that the auto industry is too vital to let fail...we must be assured that what ever aid we give you is accompanied by a plan that will prevent auto executives from returning for another hand out in the future."
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