DETROIT (AP) -- Like much of middle America, Mike McCarthy doesn't think taxpayers should have to pay $700 billion to bail out Wall Street. The second-shift worker at a Chrysler engine plant also doesn't think the government should pay to save his own company, although he's a lot less sure about that one.McCarthy would like to see Chrysler's jobs and pensions preserved, but that directly conflicts with his opposition to a bailout. His dilemma is one that could soon be facing every member of the U.S. House and Senate.
Talks toward General Motors Corp.'s possible acquisition of Chrysler LLC may involve going to Congress for cash, according to a person involved in the financing discussions. The person, who asked not to be identified because the talks are private, said he was unsure if the government has been approached yet.
Cash-desperate GM is said to be interested in Chrysler first for its pile of money. Chrysler, whose sales have dropped 25 percent during the first nine months of the year, reportedly has about $11 billion available. It also has debt, but the amount isn't available because Chrysler a private company, 80.1 percent owned by the private equity firm Cerberus Capital Management LP.
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