Bailout Poll

Recently Congress has agreed to try to give Chrysler, Ford, and GM $15 billion dollars out of the $34 billion they were asking for (the number is as of yet not finalized). The decision was made only after Nancy Pelosi agreed to President Bush's demand that any money given was to be given out of a fund to develop more fuel efficient cars and not the economic bailout fund. The bill on the distribution of the money that will be reviewed sometime next week is said to include the provision for a board of trustees that will ensure that the auto companies are reformed with the money. Representative Barney Frank of Massachusetts also made it clear that the money will be loan and not a gift. The suffering companies have already cut thousands of jobs due to low car sales throughout the country, GM has made 11,000 layoffs this year.  Congress was also asked to think of the trickle down effect, meaning the effect that the bankruptcy of the three companies would have on smaller businesses that rely on them for their supply or their business. But even though this money may be able to help the three car companies, it does not eliminate the possibility for failure. 

christie