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Republican senators critical of the big automobile -- automobile bailout bill just wrapped up their news conference you may have seen live here on fox.
Here's a quote from senator John Edson -- -- Republican of Nevada he says some car -- We don't know that they're going to be able to run three auto companies that seems like way too big of a task I mean the executives of the Big Three auto companies can't even run their own companies right now.
Well other members of the senate disagree they say we cannot risk losing the industry.
And the jobs it creates one of them democratic senator Debbie Stabenow she's from Michigan and joins us now.
Obviously in Michigan you are back keenly allied with the interests of the automotive industry.
But it's you know the Republican point is that this industry isn't just gonna dry up and blow away if you don't get this bailout legislation there is the option of bankruptcy Chapter Eleven.
Well John actually bankruptcy doesn't work for the auto industry and there have been economists -- have been major studies have shown.
That in fact 8% of public won't buy an automobile from a bank collapsed company's sound like an airline bags flown I'm.
Airlines in bankruptcy that I don't worry about.
Hearts and warranties and all those things you have to be able to survive through bankruptcy so this plan really is I believe the fairest its top.
And it is the best of both worlds it deals with the global credit crisis by giving them a short term.
Short term loan through the end of the first quarter with very tough.
Benchmarks that put somebody in charge just like you liken a bankruptcy.
To oversee restructuring.
Who can recall the loans Japan making progress who will recommend whether or not they receive any other assistance.
After the end of march it addresses what.
Republican colleagues have said they won it.
The White House is involved has helped write it has signed off as well as other Republicans who have been engaged just by Carter send.
Think it's very tough it's -- much tougher than Frankie was required of those on Wall Street.
And it is the kind of legislation that will allow them short term assistance in alone.
And then forced everybody to come to the table.
Do we structure to really get their costs in line so they can be viable because it's not an option for us not to have manufacturing in this country.
Three national defense alone requires.
That we'd be able to build.
Tanks and trucks in and out vehicles and all of the things that are brave men and women in Iraq they're using right now.
Let me read you some of the names that I you probably already know them obviously in in a small clubs such as the US senate but you've got.
Senator John Anderson Tom Coburn of Oklahoma Jim -- of South Carolina David that are of Louisiana Richard Shelby of Alabama.
If you've got that half dozen or so who are opposed to this thing do you have sixty votes to get a.
We'll look -- working on right now certainly I'm the White House and the leadership in the house and the senate are working.
On that right now I think what we are seen by.
My Republican colleagues coming forward and threatening to use all of the tools they haven't filibuster.
This means that rather than voting this week it may be the end of next week.
Senator Reid -- -- thank him for his tenacity in hanging in there on behalf of three million people like dependent upon.
Jobs in America who are affected by -- but I believe at the end of the day we'll have sixty votes.
We may be voting -- -- next week.
We may be voting on Christmas -- senator as far as I'm concerned this has got to be done ice.
-- my weekend in my home state of Colorado not a lot of automotive industry there and I heard a lot of complaints from people saying hey.
You know we're all hurt -- right now why you know why should the automotive companies get a bailout.
Well -- talk first of -- we're talking let alone.
Every other country in the world that hasn't -- Presence.
Has stepped from.
France and Germany and China and all look all around the world because they not to.
Credit crisis and frankly John we've given money to the banks.
To open up their doors to credit.
They haven't opened up their -- and auto suppliers they haven't opened up the doors to people that want to buy automobiles so all of this absurd.
To put money in the hands of the banks has not resulted -- main street.
I'm -- -- to keep their jobs and be able to keep manufacturing this is a short term bridge loan as a result of that.
Senator Debbie Stabenow of Michigan thank you thanks for being with us -- -- --
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