Official: Auto Bailout Could Protect 230K NY Jobs
Democrat says a bailout would also protect New York-based banks and brokerages
A top Democrat says a fedreal bailout of the auto industry will save thousands of New York jobs.
Comptroller Thomas DiNapoli says he supports the federal bailout of automobile manufacturers, an industry he says provides jobs for more than 230,000 New Yorkers.
The Democrat says a bailout would also protect New York-based banks and brokerages that hold billions of dollars of the auto makers' debt.
In Washington, majority Democrats and the Bush White House have finalized a deal to spend $14 billion on emergency loans for struggling U.S. automakers. It could go to a vote this week.
DiNapoli says failure of even one of the three biggest auto makers could be a big blow to upstate communities.
Copyright Associated Press