Bennett: Auto Bailout Probably Won’t Happen

On the eve of auto executives’ return to Capitol Hill to ask for a federal bailout, the second-most senior Republican on the Banking Committee said he doubted the industry would get any help.

Sen. Bob Bennett of Utah, in the Senate for meetings late Wednesday, said he believes the plans submitted by Ford, Chrysler and General Motors are too vague. Top executives of all three companies are scheduled to testify before the Banking Committee Thursday.

“They’re asking for 25 billion and they’re not saying how they’re going to spend the money,” Bennett said.

Bennett also said he believed most of his colleagues on the Banking Committee feel the same way. “I just don’t think anything is going to happen,” he said.

–J. Taylor Rushing