Winding Road Ahead for Auto Bailout

It's one issue both the sitting president and the president elect can agree on... the $14 billion rescue package for the struggling auto industry.

President George W. Bush spent Thursday morning lobbying Senate Republicans who are opposed to the bill, while President Elect Barack Obama urged its passage by the end of the week. 

Speaking during a news conference in Chicago, Obama said he understands the publics anger and frustration with the situation the Big 3 automakers find themselves in, but he still thinks the government should provide short term aid.  If the auto industry were to collapse, it would have a "devastating ripple effect throughout our economy," Obama said.

Senate Republican Leader Mitch McConnell came out against the bailout today saying it isn't  "nearly tough enough" because it doesn't force the automakers to cut wages and benefits.    

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