McConnell Undecided On Auto Industry Assistance

LOUISVILLE, Ky. (AP) - Senate Minority Leader Mitch McConnell said Friday he hasn't decided what approach he'll support in trying to help the struggling U.S. auto industry.

The decision by Congress will have big implications in Kentucky, where Ford Motor Co. has two production plants in Louisville and General Motors Corp. has a plant in Bowling Green.

McConnell - the top-ranking Senate Republican - said options include an infusion of government aid or allowing a failing automaker to file for Chapter 11 bankruptcy. Under such a filing, the automaker would continue to operate while holding its creditors at bay and overhauling its finances. He said another option is to redirect some of the $700 billion financial industry rescue package.

McConnell made the comments to reporters after speaking at the
Kentucky Farm Bureau convention in Louisville.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus