A top Republican senator says he will fight a Democratic plan to bail out U.S. automakers, AP reported. The opposition by Sen. Richard Shelby and other GOP lawmakers raises doubts about whether the plan will pass in this week's postelection session.
Shelby is the top Republican on the Senate Banking, Housing and Urban Affairs Committee. He says it would be a mistake to use any of the $700 billion in the Wall Street rescue to help the automakers survive the current crisis.
He calls the American auto industry a "dinosaur" and says a federal bailout would only postpone its demise.
Democratic leaders want to use $25 billion to help General Motors, Ford and Chrysler. But Democrats have only a narrow Senate majority. Also, President George W. Bush also opposes the idea.