Oberstar reacts to latest bailout planby Cathy Wurzer, Minnesota Public Radio
When members of Congress return to Washington Monday for a lame duck session, they will consider whether to provide bailout money to the struggling U.S. auto industry.
Congressional Democrats support taking $25 billion from the $700 billion financial system rescue program to finance emergency loans for the big three auto makers.
That comes after last week's change of course by Treasury Secretary Henry Paulson. Paulson, citing the worsening credit crunch, said the Treasury is no longer planning to buy up troubled mortgage assets. It is instead planning to inject money directly into lending institutions. That includes buying stock in some banks to encourage them to lend.
Morning Edition host Cathy Wurzer talked with U.S. Rep. Jim Oberstar, a DFLer from Minnesota's 8th District, who voted for the measure last month.
- Morning Edition, 11/17/2008, 8:25 a.m.