Reid says Auto Industry Bailout is Necessary

WASHINGTON (AP) - Senate Majority Leader Harry Reid says it has
to be done.

The Nevada Democrat is talking about the emergency $15 billion
auto bailout that congressional Democrats sent to the White House

The package includes a provision for a "car czar" to oversee the industry's reinvention of itself.

The measure would rush bridge loans to Detroit's struggling Big Three but would also demand that the auto industry restructure itself in order to survive. It would put an overseer chosen by President George W. Bush in charge of monitoring that effort.

Reid says he wanted to make clear that the package is "no blank check." He said, quoting now, "While we take no satisfaction in loaning taxpayer money to these companies, we know it must be done."

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

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