Washington, D.C. – Sen. Richard Shelby says market forces, and not the government, should have decided GM's fate.
The Alabama Republican also says the automaker could have saved ``lots of money'' if it had entered bankruptcy protection six months ago.
Shelby tells CBS the government's huge stake in the company puts Washington on ``the road to socialism.''
GM is expected to file for bankruptcy protection Monday, the government's deadline for a restructuring plan.
Efforts to reshape the company are taking form. Union employees vote today on a contract that would cut benefits and slash labor costs. And GM says a bloc of its bondholders has agreed to a deal that would wipe out $27 billion of the automaker's unsecured debt in exchange for company stock.
Still, the ranking Republican on the Senate Banking Committee says he's sure ``there are not enough concessions there.''
(Copyright 2009 by The Associated Press. All Rights Reserved.)