Official: Auto Bailout Could Protect 230K NY Jobs

Democrat says a bailout would also protect New York-based banks and brokerages

Wednesday, Dec 10, 2008  |  Updated 4:15 PM EDT
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Official: Auto Bailout Could Protect 230K NY Jobs

A top Democrat says a fedreal bailout of the auto industry will save thousands of New York jobs.

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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.

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