GM, Ford and Chrysler were on the hot seat on Capitol Hill as they
pleaded with lawmakers to pass a $25 billion rescue package.

Democrats in the Senate support a loan package arguing that up to three
million U.S. jobs would be lost from an auto industry collapse. Most
Republicans are opposed to an auto industry bailout arguing that the rescue
package is not a wise use of taxpayer money.

Reuters -
The leaders of the so-called Big Three of the U.S. auto industry-- General
Motors, Ford and privately-held Chrysler-- were on the hot seat on Capitol
Hill as they pleaded with members of the Senate Banking Committee to pass a 25
billion dollar rescue package --aimed at bolstering struggling automakers.

GM CEO Rick Wagoner warned of dire consequences for the auto industry if
just one of Detroit's Big Three had to file for bankruptcy.

GM CEO Rick Wagoner, saying:
"This is all about a lot more than just Detroit. It's about
saving the U.S. economy from a catastrophic collapse."

Democrats in the Senate support a loan package arguing that up to three
million U.S. jobs would be lost from an auto industry collapse.

But even supporters of a congressional bailout like Senator Chuck Schumer
of New York warned against giving the automakers a blank check.

Senator Chuck Schumer, saying:
"We must be assured that whatever aid we give you is accompanied by
a real plan that shows you recognize the direction that this industry must
take in order not to survive but to thrive."

Most Republicans are opposed to an auto industry bailout arguing that the
rescue package is not a wise use of taxpayer money.

Senator Richard Shelby is the ranking member of the Banking Committee.

Senator Richard Shelby saying:
"Are we here in the Senate being asked to facilitate a stronger
more competitive auto manufacturing sector or to perpetuate market
failure."

While lawmakers debated the merits of a congressional auto industry
bailout, the Bush Administration let it be known that the White House is
opposed to such a loan package.

Treasury Secretary Henry Paulson.

Treasury Secretary Henry Paulson, saying:

"I believe that any solution must be a solution that leads to
long-term viability -- sustainable viability here. I don't see this as the
purpose of the TARP."

Analysts say it's unlikely that a bailout plan gains Congressional approval
during this week's lame duck session -- which means as automakers continue to
bleed cash, a rescue package may be one of the first acts that Barack Obama
undertakes after he's sworn in as president in January.

Jon Decker, Reuters.