Ryan says auto bailout looks bleak; bad news for Kenosha and Janesville
U.S. Rep. Paul Ryan, D-Wis., of Janesville says there's no guarantee his colleagues will approve a federal loan package for the auto industry.
Ryan said it might not prevent tens-of-thousands of job losses if Chrysler gets it way, and merges with another of Detroit's Big Three.
The General Motors' plant in Ryan's hometown is closing two days before Christmas, and Chrysler's engine plant in Kenosha is also in Ryan's district.
Even so, Ryan says that if the automakers get their way, he wonders if airlines, steel companies and widget makers will be next in line for a bailout.
"Where does it end?" said Ryan.
With GM fighting for its survival, Ryan says the odds are against Wisconsin leaders who've offered incentives for the company to keep the Janesville plant open and make fuel-efficient cars.
Kenosha Mayor Keith Bosman says he'll join other mayors in Washington next week to push for the $34 billion loan package.
He says the 800 jobs at Chrysler's Kenosha plant are at stake along with numerous others at various suppliers.
Ryan says both parties in the House are deeply divided over the issue and much will depend on what the Senate does.
But Wednesday, Majority Leader U.S. Sen. Harry Reid, D-Nev., said he doesn't have the votes.