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Feds Showing Little Enthusiasm For Detroit Bailout

There seems little appetite from either Democrats or Republicans in Washington for a federal rescue of the birthplace of the automobile industry. Detroit now stands as the largest American city ever to file for bankruptcy protection.

Detroit, Michigan
Detroit, Michigan (Bill Pugliano/Getty Images)

During the bleakest days of the Great Recession, Congress agreed in bipartisan votes to bail out two of Detroit’s biggest businesses, General Motors and Chrysler.

Such a bailout would be huge, perhaps as much as $20 billion. Federal resources are strained, with the national debt at $16.7 trillion and the federal government struggling under the constraints of automatic spending cuts that took effect in March.

 

(Copyright 2013 by The Associated Press. All Rights Reserved.)

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