GOP Senators Threatens Auto Bailout Filibuster

With job losses mounting and Detroit’s Big Three automakers facing a battle on Capitol Hill over emergency federal aid, President-elect Barack Obama on Sunday predicted more hard times for the U.S. economy before it starts to turn around, and Sen. Richard Shelby (R-Ala.) threatened a potential filibuster of any attempt to bail out the automakers. Shelby, who also voted against the $700 bailout bill for the financial industry, called a potential $15 billion "bridge loan" to American automakers a "bridge loan to nowhere,” and said General Motors, Ford and Chrysler have to undergo a fundamental restructuring of their operations rather than look for federal help. Shelby also threatened a filibuster of any auto aid agreement, but was unsure whether he had the votes to sustain it.