rssDemocrats Give Detroit One More Shot at Bailout
Thursday, November 20, 2008 at 3:03 pm
- 7 Comments
Democratic leaders, conceding that their efforts to bail out America’s automakers stand no chance in Congress this week, are extending a final opportunity to the Big Three: Submit specific plans for getting the companies back on track and repaying the taxpayers, they offered, and Congress will return to Washington in December to consider legislation.
“We want them to come up with a proposal that we can get through here [Congress] on Dec. 8,” Senate Majority Leader Harry Reid told reporters in the Capitol Thursday afternoon.
The heads of Detroit’s automakers have made the rounds on Capitol Hill this week, but their efforts to secure $25 billion in emergency loans have hit a wall of Republican opposition. GOP critics, including the White House, remain unconvinced that the money would be used to rework the companies’ failing business models into viable strategies. Republicans also fear that the emergency loans would never be paid back.
Democrats said the companies’ plans — to be submitted to Congress in the first week of December — should focus on these two sticking points. “The key is accountability and viability,” Reid said. “That’s all we’re asking. It’s not too much.”
Senate and House Democrats have been somewhat at odds over where the funding would come from. House Speaker Nancy Pelosi (D-Cal.) has insisted that it be diverted from the $700 billion Wall Street bailout plan enacted last month. Meanwhile, key senators have floated the possibility of using an existing $25 billion earmarked to retool factories for the production of better cars.
Pelosi on Thursday deflected questions about the source of funding, saying she first wants to see the automakers’ plans. “We’re not talking today about what money will be used,” Pelosi said.
Maybe we’ll have that December session after all.
7 Comments
Comment posted November 20, 2008 @ 12:41 pm
These FAT CATS in Detroit and the FAT CATS iN Wahsington — all of them shoul dbe in jail for SHAMELESSLY looting the hard working ordinary American citizens. Starting withe biggest criminals: Ben Bernanke and Hank Paulson. ENOUGH !!
Comment posted November 20, 2008 @ 12:43 pm
The information being presented by the media and used to evaluate our domestic automakers is outdated and incorrect.
They have a plan and have been working on it in earnest. They have made great strides towards reducing their costs and building superior, more fuel efficient, and environmentally products. Autoworkers have also made substantial concessions to allow domestic car companies to get their labor costs on par with their foreign competitors.
The idea that our legislators would hesitate to help our automakers out with a loan and keep millions of Americans working is bizarre.
http://ewebsmith.com/gov/autobailout.html
Comment posted November 20, 2008 @ 12:47 pm
WebSmith – and the wonderful plan INCLUDES FLYING PRIVATE JETS to BEG FOR MONEY !! This is CRIMINAL.
Comment posted November 20, 2008 @ 1:04 pm
I got one way you can give back to the taxpayers…make better cars. Pretty simple. If you made cars that were more efficient, safe, sustainable and affordable, then maybe, just maybe you wouldn't have been in this mess in the first place. My two cents!
Comment posted November 20, 2008 @ 8:41 pm
These FAT CATS in Detroit and the FAT CATS iN Wahsington — all of them shoul dbe in jail for SHAMELESSLY looting the hard working ordinary American citizens. Starting withe biggest criminals: Ben Bernanke and Hank Paulson. ENOUGH !!
Comment posted November 20, 2008 @ 8:43 pm
The information being presented by the media and used to evaluate our domestic automakers is outdated and incorrect.
They have a plan and have been working on it in earnest. They have made great strides towards reducing their costs and building superior, more fuel efficient, and environmentally products. Autoworkers have also made substantial concessions to allow domestic car companies to get their labor costs on par with their foreign competitors.
The idea that our legislators would hesitate to help our automakers out with a loan and keep millions of Americans working is bizarre.
http://ewebsmith.com/gov/autobailout.html
Comment posted November 20, 2008 @ 8:47 pm
WebSmith – and the wonderful plan INCLUDES FLYING PRIVATE JETS to BEG FOR MONEY !! This is CRIMINAL.
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