President-elect Barack Obama released the following statement this morning on Congress’ failure to reach an agreement on a federal bailout for the “Big Three” auto manufacturers:
Well, I guess we saw this coming.
Senate Republicans last night killed efforts to grant Detroit’s automakers a $14 billion lifeline to prevent bankruptcies after compromise negotiations broke down over a provision to cut workers’ wages.
Very generally, Republicans wanted the Big Three’s union workers to cut their salary and More…
The Wall Street Journal is reporting that amid news that a bid to extend a lifeline to the Big Three automakers failed in the Senate last night, the White House is considering allowing some of the $700 billion allocated for the Wall Street bailout to save the industry. A More…
As the nation’s automakers near collapse, global temperatures rise, and consumers and government wallow in debt, there might be a one-stop remedy for all three: raise the gas tax.
The chief boosters of the idea are not Washington policymakers. Instead, they are some of the nation’s top economists, environmentalists and More…
The House last night easily passed a compromise automaker bailout negotiated for days between congressional Democrats and the White House. The Democrats — who had already given in to White House demands that the $14 billion bailout cash be pulled from a previously approved $25 billion fund for More…
As Congress and the White House wrangle over the conditions of a possible Detroit bailout, many Democrats want the conditional guarantee that, in return for the cash, the Big Three will drop lawsuits against California and more than a dozen other states that want to tighten tailpipe emission More…
As Congress and the White House negotiate the conditions of $15 billion in short-term financing for the automakers, a growing chorus of lawmakers, economists and consumer advocates is calling for specific fuel-efficiency benchmarks to be written into the legislation.
Rep. Edward Markey (D-Mass.), chairman of the House Select Committee on More…
Sen. Bill Nelson (D-Fla.) offers a new angle today on the Detroit bailout, saying that he’ll support the plan only if the automakers stop trying to kill states’ efforts to tighten emission standards.
California has famously applied for an Environmental Protection Agency waiver forcing emission reductions of 30 percent by More…
Maybe Congress has learned a lesson after all.
As the heads of Detroit’s automakers pleaded with Congress Thursday for $34 billion in emergency help, many lawmakers hinged their support on a strict system of regulation to ensure that the money would be well spent.
To accomplish that, some lawmakers are More…
Executive bonuses scrapped. Private jets sold. Chief executives volunteering to accept a yearly salary of $1. It’s not the end of capitalism. It’s just a sign that U.S. automakers are desperately in need of government help.
Hoping for a cash infusion of at least $25 billion in low-cost loans More…
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