Wednesday, December 10, 2008

Politicians at it again, Auto Bailout Delayed

Well, I should have seen this coming. Instead of quickly agreeing to a mere 14 or 15 billion dollar bailout bill, our Democrats and Republicans cannot find common ground. Earlier, the White House and Democrats agreed in principal to a bailout plan, but now the Republicans are rearing their heads and refusing to sign off on the bill. We are not even sure if there will be a vote this week when originally we thought the President would have it on his desk before the weekend. This is a depressing setback.

From Automotive News:

"A final Senate vote on legislation that would provide emergency loans to the Detroit 3 may not come until this weekend, Senate Majority Leader Harry Reid warned today.

Reid, D-Nev., said some provisions of the bailout bill are being negotiated, but the main obstacle is resistance by Senate Republicans to an expedited vote.

Sen. Mitch McConnell of Kentucky, the GOP leader, responded that Republicans can't agree to quick consideration of legislation they have not seen.

An "agreement in principle" between congressional Democratic leaders and the Bush White House on provisions of the loan bill was reported late yesterday. The House may take up the bill today.

But Reid conceded that some items remain unresolved. He said it has been difficult to reconcile the desires of the Senate, the House, the Bush administration and the incoming Obama administration.

Reid confirmed that Sen. Joe Biden, D-Del., the vice president-elect, has agreed to vote on the measure if needed.

McConnell signaled potential stumbling blocks. He said the bill must require concessions from unionized Detroit 3 workers and must ensure that the automakers will be put on a path to long-term survival without more taxpayer money.

He also warned that Republicans will resist a provision in the bill that the car companies must drop litigation against state greenhouse gas rules."

It looks like there is still quite a bit of work to be done before the bill can be brought to a vote. Tell me what you think. Will we have a bill before the weekend? It looks doubtful to me!

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