Sen. McCain doesn't expect Chrysler to surviveby Drew Johnson
The federal government has pumped nearly $15 billion into Chrysler over the past few months to keep the automaker's head above water, but Senator John McCain doesn't expect the Michigan automaker to survive beyond the next few years.
Speaking at a NASCAR event at Phoenix International Raceway, McCain revealed he is dubious of Chrysler's future, despite a hefty prop from U.S. taxpayers. "It was all about the unions. The unions didn't want to have their very generous contracts renegotiated so we put $80 billion into both General Motors and Chrysler, and anybody believes that Chrysler is going to survive, I'd like to meet them," McCain told The Detroit News.
Chrysler emerged from bankruptcy earlier this year after receiving nearly $15 billion in federal aid.
Although the exact health of Chrysler remains unclear at this point, McCain's sentiments may not be completely unfounded. Fiat took a 20 percent stake in Chrysler following its emergence from bankruptcy, but doesn't plan to invest any money into the ailing automaker. Chrysler's lineup of Fiat-based vehicles is still several years away, leaving the automaker to rely on its current lineup to keep the company afloat in the interim.