December 4, 2008 Dodd favors help for auto industry Play video

(NECN: Washington) - The Big Three carmakers are detailing plans before Congress today.

Senate Banking Committee chairman Christopher Dodd has come out in favor of federal financial help for the troubled auto industry.

The Connecticut Democrat stated his position Thursday as the heads of the Big Three car makers in Detroit returned to Congress to plead with lawmakers for some $34 billion in assistance.

Dodd said that if the problem were simply one of car makers failing to adapt to global competition, "I'd let them fail."

But at a hearing, Dodd also said that such an approach would amount to playing "Russian Roulette with the economy of the United States." He said he thought automakers had made a better case for federal assistance than the financial industry, which has benefited from a $700 billion rescue plan.

*Material from the Associated Press used in this report*