DETROIT AUTOMAKERS SEEKING BAILOUT COME BEFORE BARRETT’S FINANCE COMMITTEE

The CEO’s of America’s big three automakers — Ford, General Motors, Chrysler — have all driven their little hybrids from Detroit to Washington, DC seeking a $34 billion bailout from Congress.

They spent all day yesterday and much of the morning today groveling before the House Financial Services Committee taking responsibility for running their companies into the ground and begging for the money save thousands of jobs.

But should taxpayers foot the bill for their bad business practices? And if we allow the companies to go bankrupt, will it trigger the catastrophic collapse of an already crumbling U.S. economy?

South Carolina’s own Rep. Gresham Barrett sits on the finance committee and he’ll be part of the Congressional gaggle that will interrogate the Detroit trio and ultimately cast an important vote to either kill the bailout or send it to the House floor.

The last time Barrett had an opportunity take a stand on a massive bailout package, he balked. He voted against the first package, before going back and voting for it the second time around.

Will he do the same thing again this time, or will he finally take a principled stand? You can follow along live all morning by clicking here.

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UPDATE: Barrett just asked the automakers why they waited until now to come before Congress and seek this money. “Why not 10 years ago?” Good question, but I don’t see how that moves the ball forward either for or against this.

He followed that up by inquiring whether or not the revised package proposed by the automakers including certain things to “appease Congress.”

Both are pretty vanilla questions. Sounds like he just wanted to hear himself talk.