December 3, 2008
A majority of Americans oppose a bailout of the troubled U.S. auto industry, according to a poll released Wednesday.
- A d v e r t i s e m e n t
The CNN/Opinion Research Corp. poll, conducted by telephone on Dec. 1-2 with nearly 1,100 people, showed that 61% of those surveyed oppose government assistance for the major U.S. automakers.
The poll comes at a critical time for the American auto industry. Ford Motor (F, Fortune 500), General Motors (GM, Fortune 500) and Chrysler LLC are requesting up to $34 billion dollars in emergency loans from the government to amid the weakest auto sales in 25 years and persistently tight credit.
General Motors and Chrysler, burning through billions of dollars in cash, are the most imperiled. All three companies submitted plans to Congress on Tuesday making their case for funding, and industry executives are set to testify on Capitol Hill as lawmakers debate whether to take emergency action.