The aid package will provide guarantees for money owed to parts suppliers by the Detroit 3Enlarge Photo
McCain is opposed to both the Wall Street bailout and the automotive bailout, claiming bankruptcy is the best way for failing companies to reorganize themselves. This view differs from statements made during his 2008 presidential campaign, in which he stated that he was not willing to "leave the workers here in Michigan hung out to dry".
As for Richard Shelby, the Alabama senator states that Chapter 11 is where GM and Chrysler should be heading before the United Auto Workers (UAW) can "run them into the ground".
President Barack Obama's task force on the automotive industry is set to make a decision on restructuring plans from manufacturers by the end of this month. Both GM and Chrysler have vehemently opposed calls from the Republican side to file for bankruptcy, claiming that such a move would effectively destroy the two companies, and that plans to internally restructure the companies to be more efficient and profitable are underfoot.
While Republican support of the automotive bailout wanes, other sectors of government are also unsure of whether or not a bailout is the best policy, reports The Detroit News. Thomas Donohue, the chair of the U.S. Chamber of Commerce says that the Detroit 3 should actually become a Detroit 2 - despite initially being supportive of the automotive bailout plan when it was first proposed.