• Hill Leader Says Jobs Report Argues For Car Rescue

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    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.

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    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.

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