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As is par for the course, Bush has his own version of the bailout that he would like to see passed, and the Democrats have their own version. Bush doesn't like the Democrat version because it would take money from the $700 billion financial bailout and give it to the auto manufacturers instead of having Congress authorize new money from our soon to be bankrupt treasury. Democrats have also added a few strings to this bailout bill.
Pelosi said the auto industry funds would come with many strings attached, including restructuring company finances, meeting new standards for gas mileage and requiring advanced technologies "to compete in the domestic and global market." The speaker's office offered no specifics about what the new fuel efficiency standards would be and what types of technologies would be required for the auto industry.
Democrats also said they would include new limits on executive pay at the Big Three auto companies, but offered no specifics on that idea either.
The Dems bill would make it through the House fairly easy, but the Senate would be another matter all together.
Pelosi can probably push the auto bailout through the House next week, but in the Senate, Majority Leader Harry Reid (D-Nev.) has some serious negotiating on his hands with Senate Republicans. And Reid is working with even less than his 51-seat Democratic majority next week, thanks to Barack Obama and Joe Biden's promotions in the Nov. 4 election
I am now waiting for Krispy Kreme to announce that they are also seeking a government bailout because they are facing flat donut sales. What next?
2 Comments:
In the case of the auto-makers' bailout, it's a relief to have a national issue that is so straightforward: American cars tend to break down and fall apart therefore people are not buying them. If GM and Ford don't want to go out of business, they should start making decent cars. To bail them out would be to reward their terrible manufacturing standards.
Whether the cars fall apart or not, we cannot let any of the Big 3 fail. I am for a bailout, but, with many strings attached.
Better design,better build,better mileage,and more hybrids.
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