Hill Leader Says Jobs Report Argues For Car Rescue

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.

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.