GOP Senator Supports Auto Bailouts

Congressional Democrats on Thursday picked up support for plans to help U.S. automakers from a key lawmaker, Ohio Sen. George Voinovich (R). Chris Paulitz, an aide to Voinovich, said the senator would sign onto a letter to be circulated next week by Michigan Democratic Sens. Carl LevinCarl LevinThe Fed and a return to banking simplicity What Our presidential candidates can learn from Elmo Zumwalt Will there be a 50-50 Senate next year? MORE and Debbie StabenowDebbie StabenowGreat Lakes senators seek boost for maritime system Podesta floated Bill Gates, Bloomberg as possible Clinton VPs Dems to McConnell: Pass 'clean' extension of Iran sanctions MORE.

"The senator believes helping the automakers remain viable is truly putting Main Street over Wall Street," Paulitz said. "He has signaled his support to Sens. Levin and Stabenow and is working with them on a letter to their colleagues to make this a reality next week during the lame duck. He also wants to ensure that the companies qualifying for TARP funding are truly viable in order to protect taxpayers down the road."

Bloomberg news reported Thursday that President-elect Barack ObamaBarack ObamaThe Trail 2016: Comeback in the works? Trump promises ‘new deal for Black America’ Trump and millennials: He might do better than we think MORE is pushing lawmakers to greenlight as much as $50 billion in loans this year for the troubled automakers. Obama would also look to appoint a "czar" to oversee management of the companies, but the plan would need support from the outgoing Bush administration and a less Democratic lame duck Congress in order to be enacted this year.

-Silla Brush