Posted by
Locutisprime on Saturday, December 06, 2008 5:55:54 AM
I was wondering, what is it about Washington of late? That allows for, encourages and provides for mega deals to be done on weekends at the White House? After wrestling for the past week with testimony before congress by the big three and a conclusive debate that there were/are not enough votes in congress to authorize a taxpayer bailout for the big three American auto makers? Once again we seemingly have a deal in the works over the weekend that will provide for and accomplish an "end around" for all involved to facilitate the bailout.
President Bush, the otherwise lame duck incompetent who should have already stepped down and aside for the messianic one, has stepped forward to provide a seeming game saving solution for both the big three and the democrats. And even if it is only an interim solution? It may get them all past the crisis and over the hump. At least until Obama the great can assume the throne and dazzle us all with his socialist prestidigitation and abilities as the savior of all.
Talks Between White House, Congress Could Yield $15B for Auto Industry
WASHINGTON -- Facing massive job losses, the White House and congressional Democrats are working to provide about $15 billion
in loans to prevent Detroit's weakened auto industry from collapsing.
After
yielding to President George W. Bush on a key point, House Speaker
Nancy Pelosi said the House would consider legislation next week to
provide "short-term and limited assistance" to the U.S. auto industry
while it undergoes "major restructuring."
"Congress
will insist that any legislation include rigorous and ongoing oversight
to guarantee that taxpayers are protected and that resources are
directed to ensure the long-term viability and competitiveness" of the
industry, Pelosi, D-Calif., said in a statement. The Senate is also
scheduled to be in session next week.
The legislation, which was
being crafted this weekend, would act as a lifeline to General Motors
Corp., Ford Motor Co. and Chrysler LLC while meeting demands from many
skeptical lawmakers that Congress refrain from writing a blank check
for the beleaguered industry.
Several officials in both parties said a key breakthrough on the
long-stalled bailout came when Pelosi bowed to Bush's demand that the aid come from a fund set aside for the production of
environmentally friendlier cars. The California Democrat spoke to White House chief of staff Josh Bolten during the day to
signal her change in position, they added.
Pelosi
said the billions of dollars that had been set aside to modernize
plants to develop the green cars would be repaid "within a matter of
weeks." Democrats said her hope was to include the funds in an economic
recovery bill that lawmakers are expected to prepare for
President-elect Barack Obama's signature shortly after he takes office.
Officials in both parties also said the
legislation would include creation of a trustee or group of industry
overseers to make sure the bailout funds were used by automakers for
their intended purpose. The funds are designed to last until March,
giving the incoming Obama administration and the new Congress time to
consider the issue anew.
One
senior Democratic aide said Pelosi was seeking a provision that would
bar the automakers from using any of the funds to pursue a legal
challenge to states seeking to implement tougher auto emission
standards. The aide spoke on condition of anonymity because the
legislation was not yet drafted.
The discussions came hours after the government reported that employers
slashed 533,000 jobs in November, the worst single month's job loss in 34 years. Bush warned that at least one of the Big
Three automakers might become a casualty of the severe economic crisis.
"I am concerned about the viability of the automobile
companies," Bush said.
Top executives from the Detroit automakers spent two consecutive days on Capitol Hill pleading
for $34 billion in loans to help the industry survive.