Three Senators said this morning that, despite the recent failure in Congress of a package of loans to Detroit automakers, President Bush will not likely allow the Big Three to collapse - although when action will be taken by the administration is still unclear.
Sen. Carl Levin, D-Mich., said that after the car giants (General Motors, Chrysler and Ford) warned that they were in financial peril, the reverberations of which would be felt across the economy, the White House has acknowledged it will be "irresponsible" not to help.
"By the way, no other country that produces automobiles is allowing its industry to collapse," Levin told Face The Nation host Bob Schieffer. "They all have the same problem. They're all providing loans to those industries. This [problem] is not unique to the United States.
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