The heads of Detroit’s automakers might be willing to accept $1 salaries as a condition of a federal bailout, but they won’t commit to capping their total compensation, even at $1 million.
So says Rep. Brad Sherman (D-Calif.), a liberal member of the House Financial Services Committee, which hosted the 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…
On Nov. 21, House Speaker Nancy Pelosi (D-Cal.) and Senate Majority Leader Harry Reid (D-Nev.) sent letters to Detroit’s Big Three automakers indicating that Congress would consider a Detroit bailout “provided that you submit a credible restructuring plan that results in a viable industry … while protecting taxpayer investments.” More…
It needs no mention that the current White House has been among the most unilateral-minded administration’s in the country’s history. Indeed, President George W. Bush has bucked Congress on a long list of high-profile legislative proposals — everything from the farm bill to SCHIP — while also asserting More…
Last month, when Detroit’s Big Three automakers stormed Capitol Hill in search of $25 billion in emergency loans, a number of lawmakers wondered aloud where that figure came from — and whether it would be enough.
It seems there was reason for their skepticism.
Chrysler yesterday afternoon was More…
Detroit’s automakers are submitting proposals to Congress today detailing how they would spend the billions in emergency funding they’ve requested. (Look for a piece from us shortly on what they intend to sacrifice for that cash).
Meanwhile, Spencer sends over a wonderfully accurate account from John Cole that pretty More…
As congressional lawmakers debate whether America’s automakers deserve an emergency cash infusion, a central point of contention has been the relationship between the powerful autoworkers union and Detroit’s failed business model. In a sentence: Many Republicans argue that the platinum pension and health-care benefits enjoyed by workers have More…
Officially introducing his economic team Monday, President-elect Barack Obama reiterated his call to help Detroit’s automakers survive the miserable economy — but emphasized that the companies should be prepared to make some concessions in return.
“We can’t allow the auto industry simply to vanish,” he said. “[But] we can’t just More…
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 More…
House Speaker Nancy Pelosi (D-Cal.) on Tuesday ended the speculation that Congress might return to Washington after Thanksgiving if Democrats fail this week to pass legislation to bail out the auto industry, Roll Call reported:
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