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.
Wednesday, Dec 10, 2008 Updated at 4:15 PM EDT
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