The chairman of the House Financial Services Committee says the new bleak unemployment figures makes helping the nation’s beleaguered auto industry even more urgent.
Rep. Barney Frank, a Massachusetts Democrat, warned that doing nothing would be a disaster in the middle of what he called the worst economic crisis in 70 years.
Frank spoke during the second day of testimony from Detroit’s Big Three automakers for a government bailout of up to $34 billion — and shortly after the government reported the biggest monthly job loss in 34 years.
Congress is considering a range of options, including a government-run oversight board. But no plan seems to be gaining much traction.