CBNNews.com - WASHINGTON - Congress is drafting a watered down bailout plan for the auto industry. The plan will likely give about $15 billion to the Big Three U.S. automakers. That's less than half of what automakers were asking for. But the aid comes with a few provisos.
Dodd to GM CEO: Step Down
The chairman of the Banking Committee, Sen Chris Dodd, is calling on General Motor's chief executive to step down.
"I think you have got to consider new leadership," Dodd said. "If you're going to really restructure this, you have got to bring in a new team to do this, in my view."
Click play for comments from Detroit pastor Rev. Charles Ellis following this report.
In addition to the leadership change, the Bush administration is putting an oversight board in charge of making sure the companies use the money wisely.
The aid is seen as an emergency step to float the industry long enough so the Obama administration can deal with it.
And there are signs Congress seems to be getting general "bailout fatigue" after recently doling out money to save the banking industry.
"If you made this presentation to get a bank loan, I suspect that any sensible banker would summarily dismiss your request," said Sen. Richard Shelby, ranking member of the Banking, Housing, Urban Affairs Committee.
But many see even a small aid package as a step in the right direction.
Over the weekend, the congregation at the Greater Grace Temple in the car making capitol of Detroit prayed for just such a breakthrough on Capitol Hill.
Three hybrid vehicles - one from each of the big auto makers - joined the choir onstage.
"We're asking everyone to stay prayerful this week and let's pray that God touches the heart of Congress to vote this aid up," Rev. Charles Ellis said.
But this church was not alone in seeking God's help. Christian, Jewish and Muslim leaders in Detroit banded together to draw attention to the issue.
Cardinal Adam Maida, Archbishop of Detroit said, "Well our politicians have to understand this is beyond political parties, it's beyond geography; Michigan versus everybody else. This is about real people."
Regardless of the size of the aid package, some auto makers say they will still have to lay off thousands of workers.