Dems Push Paulson to Fund Big 3 Automakers

Pelosi, Reid want $700B bailout to aid GM, Ford, and Chrysler
By Wesley Oliver,  Newser Staff
Posted Nov 8, 2008 4:56 PM CST
General Motors, the largest of the Big Three auto companies, reported this week that it faces a dangerous cash crunch and could run out of money next year.   (AP Photo/LM Otero, file)
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(Newser) – Congressional Democrats are urging Henry Paulson to pump funds into the sputtering Big Three automakers, Politico reports. In a letter to the treasury secretary, Nancy Pelosi and Harry Reid called for a broadening of the $700 billion bailout package to help GM, Ford, and Chrysler qualify for federal aid. A thriving auto industry is vital to restoring market stability, the Dems said.