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COFES Blog
Nov
20
Written by:
Russ Henke
11/20/2008 9:42 AM
Despite the economic and security importance of the US Auto Industry and the strong arguments to the contrary from many sectors (see for example the November 19, 2008 blog entry in this space containing excerpts from Pat Buchanan), prospects for an immediate US auto industry bailout look bleaker today (November 20):
The AP reported, "Congress, unwilling or unable to approve a $25 billion bailout for Detroit's Big Three, appears ready to punt the automakers' fate to a lame-duck Republican president. Caught in the middle of a who-blinks-first standoff are legions of manufacturing firms and auto dealers -- and millions of Americans' jobs -- after Senate Democrats canceled a showdown vote that had been expected Thursday (today)." The Politico added that the "year-end drive to win new aid for the ailing auto industry was near collapse."
The Wall Street Journal added that Senate Majority Leader Harry Reid "backed away from efforts to force a vote this week" on the Democratic bailout bill. He said he "might move a Republican alternative proposal Thursday, but suggested it faced strong opposition.’We have to face reality,' he said." The New York Times noted today on the front page of its Business Day section that Reid "went to the floor seeking to bring up the Democrats' plan to provide $25 billion in aid from the $700 billion financial bailout program. The Republicans objected, effectively killing the plan."
Republican Sen. Christopher Bond "then requested that the Senate consider a compromise measure that would speed access to $25 billion in federally subsidized loans that have been signed into law by President Bush. Those loans, however, were meant to help the auto companies retool their plants to make fuel-efficient vehicles, so Mr. Reid objected to that." On the front page of its Business section, the Washington Post reported today that the GOP proposal "calls for modifying a loan program created to help the automakers develop advanced technologies and retool factories to produce more fuel-efficient vehicles."
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2 comment(s) so far...
Re: Auto Bailout Less Likely…
the auto industory sent most of the jobs over seas maybe they should ask them for help. my thoughts are you should buy metal teeth and start eating plastic,copper,metal, and glass.
By wayne on
12/12/2008 10:58 AM
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Re: Auto Bailout Less Likely…
the auto industory sent most of the jobs over seas maybe they should ask them for help. my thoughts are you should buy metal teeth and start eating plastic,copper,metal, and glass,rubber=lives,poverty,cruption,crime.
By wayne on
12/12/2008 11:10 AM
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