- Daily Photo: Obama Jokes Around at G-20
- Blackwater gets replaced in Iraq
- Daily Photo: U.S. Marines Look Out for Taliban in Afghanistan
- Hillary Clinton the Tomboy and Her "Ah-Ha" Moment
- Obama Administration Sudan Envoy Headed to Region
- Daily Photo: Potential Flashpoint in Iraq
- Clinton Says New Afghanistan-Pakistan Plan Depends on Diplomacy
- Exclusive: Three Israeli Airstrikes Against Sudan
- Additional 4,000 Troops to Be Ordered to Afghanistan
- Daily Photo: Navy Submarine Trains in the Arctic
- Alarm Over North Korea Missile Prep
- Anti-Terror Stimulus? US Offers Rewards for Top Terrorists
- Daily Photo: Pakistani Women in Refugee Camp
- Condoleezza Rice Appears on "The Tonight Show"
- Diplomat and Aid Group Sound the Alarm on Darfur Camp Situation
- auto industry rescue
- Ballotwatch
- Biden, Joe
- Bush, George W.
- Clinton, Bill
- Clinton, Hillary
- Dodd, Chris
- Edwards, John
- Giuliani, Rudy
- Gravel, Mike
- Huckabee, Mike
- Hunter, Duncan
- Inauguration
- Iraq
- Kucinich, Dennis
- McCain, John
- Obama, Barack
- Palin, Sarah
- Paul, Ron
- Romney, Mitt
- Tancredo, Tom
- Thompson, Fred
- Veepstakes
- Vote 2008: Democrats
- Vote 2008: Republicans
- Washington
- White House
« Previous | Main | Next »
Pelosi, Reid to Seek Automakers Bailout Next Week
Email
ShareNovember 11, 2008 4:26 PM
ABC News' Jonathan Karl reports: House Speaker Nancy Pelosi says she'll seek assistance for Detroit automakers during a lame-duck session next week.
The idea is to pass a bill opening up some of the $700 billion bailout money for the automakers.
I am told Pelosi will also likely seek an extension of unemployment benefits but wait until January for a major stimulus package.
"In order to prevent the failure of one or more of the major American automobile manufacturers, which would have a devastating impact on our economy, particularly on the men and women who work in that industry, Congress and the Bush Administration must take immediate action," reads a statement by Pelosi.
"Emergency assistance to the automobile industry would be conditioned on executive compensation restrictions, a prohibition on golden parachutes, rigorous independent oversight, and other taxpayer protections to ensure that any companies that benefit from this assistance – and not the taxpayers – bear the full burden of repaying any costs that are incurred."
And now Senate Majority Leader Harry Reid says he "determined" to pass legislation helping the automobile industry next week during a lame-duck session of Congress.
Reid's statement offers no specifics and reminds us that until January "we still have the slimmest of majorities in the Senate; this will only get done if President Bush and Senate Republicans work with us."
On that point:
The White House is lukewarm to Pelosi's idea of using some of the $700 billion banking bailout money for the automobile industry. One senior White House official told me it's "a slippery slope" and asked rhetorically, "who's next?"
The White House would prefer Congress pass legislation loosening the restriction on the $25 billion in loans Congress made available to Detroit in September. That money, under current law, must be used for fuel efficient technology. So far, not one dollar of it has been loaned. The auto industry says it needs money to stay alive, not to embark on new projects.
"Why does Speaker Pelosi absolutely refuse to use the $25 billion actually appropriated for the automobile industry?" asks the official. Answer: environmental groups don’t want the money to be diverted.
Meanwhile, the auto industry likes Pelosi's approach, but sees it as a stopgap measure until the new Congress passes something more comprehensive in January. As one auto industry source working with Congressional leaders told me, "We're talking about a bridge loan, a bridge to the stimulus."
November 11, 2008 in Washington | Permalink | User Comments (287)
You can follow this conversation by subscribing to the comment feed for this post.
i'm sick of her!
Posted by: bhuddaflii | Nov 11, 2008 4:42:15 PM
Bailout the auto industry, but you unemployed people must wait for your paultry checks! Let them eat cake!
Posted by: Enough is Enough | Nov 11, 2008 4:46:06 PM
THE AUTO INDUSTRY KNOW FROM THE 70 THAT THEY HAD TO PRODUCE FAR MORE EFFICIENT AUTOS--BUT GUESS WHAT --THEY DIDNT NOW INSTEAD OF PAYING FOR GAS GUZZLING MONSTERS WE ARE TO PAY THEM FOR NOTHING---LET THE MARKET TAKE ITS COURSE AND LET THE AUTO INDUSTRY PAY FOR THEIR MISTAKES--OR MAKE A COMEBACK BASED ON SOMETHING WE CAN AFFORD TO PAY FOR AND AFFORD TO DRIVE---MORE BIG BUSINESS BS.
Posted by: rodney | Nov 11, 2008 4:46:17 PM
I'm sick of her too but she is the boss now.
What can we do!
Posted by: catleya | Nov 11, 2008 4:47:32 PM
Someone tell Pelosi that she does NOT run this country ,get her to hell out of her post in the Senate.She is bad news for Obvama.....
Posted by: me | Nov 11, 2008 4:48:14 PM
The porn industry is hurting as well. We need a real stimulus package.lol. What a joke.. the us automakers deserve to go under. Why bail out bad business?
Never gonna happen. THey just want to be on the record as republicans standing against it. Positioning for 2010 already!!
Posted by: jamie w | Nov 11, 2008 4:50:27 PM
I AM NOT FOR BAILING OUT THE PORN INDUSTRY--LET THEM START OVER --FROM THE BOTTOM
Posted by: rodney | Nov 11, 2008 4:53:24 PM
I was surprised when I found out she is 68 years old.
I guess we just wait how much longer she will stay in the Senate
Posted by: catleya | Nov 11, 2008 4:55:01 PM
It is not the auto industry who will hurt, it will be the 600,000 jobs lost in the United States if they fail.
I say bail them out with the contracts to start building autos to fit our needs of today.
Posted by: becky (the real one) | Nov 11, 2008 4:56:43 PM
BECKY
IF THE GAS PRICES STAY DOWN FOR A TIME WE WILL SEE THE SAME OLD GUZZELERS AS BEFORE-------THEY SHOULD HAVE BEEN MAKING A LINE OF SUPER EFFICIENT CARS FOR YEARS ---BUT REFUSED TO DO SO --MAY BE A CONNECTION TO BIG OIL.
Posted by: rodney | Nov 11, 2008 4:59:51 PM
No way, no how! I heard the porn industry is suffering from economic woes and needs a bailout too. Nasty Pelosi is a jerk.
Posted by: SteveJJ | Nov 11, 2008 5:01:20 PM
VOLKESWAGON JETTA DIESEL 47 MILES PER GALLON----NONE IN STOCK MUST BE SPECIAL ORDERED --WONDER WHO IS RESPONSIBLE FOR THIS.
Posted by: rodney | Nov 11, 2008 5:02:08 PM
STEVEJJ
THEY COULD START OVER BY HAND.
Posted by: rodney | Nov 11, 2008 5:03:37 PM
t
Posted by: becky (the real one) | Nov 11, 2008 5:04:38 PM
Bail them out? With what? Monopoly money?
Posted by: Zfam | Nov 11, 2008 5:05:59 PM
BECKY
STOP LAUGHING.
Posted by: rodney | Nov 11, 2008 5:06:05 PM
Although it is easy to blame the auto industry, they are in trouble in part because they built the cars Americans wanted (SUVs, trucks, V8's) rather than the cars Americans needed (fuel-efficient cars).
It seems to me to be in our national interest to continue having a manufacturing sector, rather than ceding control of this industry to foreign governments (do you really think the know-how to make our tanks and armored vehicles should all be overseas?)
Posted by: 1percenter | Nov 11, 2008 5:06:16 PM
Does she think the Detroit auto industry is the only one hurting? Are we going to bail out all the industries that have hundreds of thousands of workers who stand to lose their jobs? I get it... let's use my tax dollars, even though I am barely making it by, in order to help out Pelosi's special interests, all under the guise of helping out the average citizen. Isn't that what I am?
Posted by: whitney | Nov 11, 2008 5:06:56 PM
1 PERCENTER
THEY COULD USE THE ESCALADE FOR A TANK.
Posted by: rodney | Nov 11, 2008 5:07:49 PM
Why the hell are we bailing anybody out? If we ran our houses the way some of these business do, we would not be able to keep a roof over our heads for 60 Days and the government would not lift a finger to help us! Yet time and time again we are pssing away money for what? In 1 years time they will be right where they are now and than what?
I say give the tax payers the money! If the Government was so worried about the American people they would give each Tax Paying American $300,000.00. For a Married Couple they would get $600,000.00. Most people would be able to pay off their homes, and still have plenty left over to go out and spend!
The whole idea about this bailout was to help out the Banks who made bad loans, so if that is the case give us the money let us pay off our homes which will put the banks whole again, and let us invest the balance into the economy!
Stop giving our money to business that just dont give a crap about the amercian people!
Posted by: Chuck | Nov 11, 2008 5:08:23 PM
Post a comment
