House GOP Offers Last-Minute Auto Alternative

House Republicans have decided to offer their own alternative to the auto bailout package, once again throwing a potential wrench into the works at the eleventh hour of a tenuous negotiation process.

The GOP bill, which Republican Leader John BoehnerJohn BoehnerHouse GOP faces dilemma on spending bills Overnight Finance: Puerto Rico bill clears panel | IRS chief vows to finish term | Bill would require nominees to release tax returns Overnight Defense: Pentagon chief fears sequestration's return MORE (R-Ohio) described as alternative to the nationalizing of the domestic auto industry through a

The GOP bill steers away from the car czar and loans that were the backbone of the Democratic and White House negotiated bill.

Instead, the Republican alternative proposes that the government provide insurance to cover up to 50 percent of company losses of new investment in the case of default, which they say will unlock immediate private investment that has been unwilling to come forward.

The bill also calls on the Big Three automakers to

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