White House, Democrats reach deal on $15 to $17 billion auto aid

[Macs.]

White House, Democrats reach deal on $15 billion auto aid

WASHINGTON (*******) - Democratic leaders and the White House reached a deal to provide billions of dollars in relief to the ailing U.S. auto industry, a senior congressional aide told ******* on Friday.


The package, which Democratic leaders hope to win passage of next week and send to President George W. Bush, totals between $15 billion and $17 billion, the aide said, speaking on condition of anonymity.


The amount is far less than the $34 billion requested this week by General Motors, Ford Motor, and Chrysler, but Democratic leaders believe the money will keep them going until Barack Obama (http://www.*******.com/news/globalcoverage/barackobama) replaces Bush as president on January 20 and a new effort can be made for a rescue plan.


(Reporting by Thomas Ferraro; Editing by Gary Hill)


http://www.*******.com/article/topNews/idUSWEN145820081206

Whoops...

[Bia]

I want to go before Congress and ask for a $30,000 dollar Bia Bailout.
My car is about to die and the big Auto companys wont help me out.

[Shuimo]

I support that. We all have better days with the recovery of the US economy.

[signatory]

I want to go before Congress and ask for a $30,000 dollar Bia Bailout.
My car is about to die and the big Auto companys wont help me out.

I sense sarcasms...

But it's not like the auto makers get free money... they get a loan from the state because no one (banks) can or will lend them money right now...

[redhawk_six]

And the Americans talk about unfair compitition when we subsidise our lumber industry... this is just sad, tax payers shouldnt be on the hook in the billions for the mistakes and greed of private companies...

[Bia]

No one pays back gov loans.... except the working class.

[WarriorMonk]

I don't like the fact that we seem to be rewarding bad management, but then again, what was the alternative? (devil's advocate)

[Zoomie]

Why are we giving them money? We should just buy them out outright, it would be cheaper either way.

[Gat0r]

Wow I didn't see this coming (sarcasm), Barney Frank and the other tools just wanted to make themselves look good with that dog and pony show, but in the end the big three would get their way. Free Market Capitalism died long ago here in America. Corporate Fascism has taken its place. Chrystler got a bailout in 1980 and here's the auto industry back in D.C. pleading for more plunder, something tells me they'll be back again someday...

Who here wants to see Peter Schiff President of Euro Pacific Capital destroy the Major of Lansing Michigan in a heated debate about this?

http://www.campaignforliberty.com/blog.php?view=5475

[ren0312]

Just to balance out the views in this forum with some more pro-GM sentiment.

http://www.gminsidenews.com/forums/f12/cbs-news-video-tale-two-factories-72240/index6.html

[redhawk_six]

I want to go before Congress and ask for a $30,000 dollar Bia Bailout.
My car is about to die and the big Auto companys wont help me out.

Do it. Seriously, write your congressmen and ask for a hearing in congress for a bailout. If private companies can ask for a bailout to fix their screw ups, why can't private citizens ask for a 'bailout' to keep their car on the road (so they can keep their job) or for advance training to get a better job? At least then, the money would actually benifit the tax payers.

[Nano]

Do it. Seriously, write your congressmen and ask for a hearing in congress for a bailout. If private companies can ask for a bailout to fix their screw ups, why can't private citizens ask for a 'bailout' to keep their car on the road (so they can keep their job) or for advance training to get a better job? At least then, the money would actually benifit the tax payers.

I reckon that if she did and the way things are going she would get it. Though I think a 30k Bia bailout loan would not upset me as much as a $15bln-$50bln bailout loan to absolute business failures. Bia would probably pay it back. The auto industry as it is will only come back once again for another handout. Maybe Bia should get those billions and start her own car company since these guys seem to run one just as well as she probably could.(not meant as a knock on Bia)

[Romulus]

No one pays back gov loans.... except the working class.

Chrysler did in the 80's when they borrowed 1.2bil. 7 years earlier before they were supposed to. That was under Lee Iacocca though. Doubt the clowns running the show at Ford, Chrysler, GM will do the same.

[ronnieraygun]

Chrysler did in the 80's when they borrowed 1.2bil. 7 years earlier before they were supposed to. That was under Lee Iacocca though. Doubt the clowns running the show at Ford, Chrysler, GM will do the same.

IIRC it might go back to the least favorite president of mp.net, Jimmy Carter. I'm pretty sure they gave Chrysler the money on condition that they make fuel-efficient cars for their time, hence the Plymouth Horizon, Reliant or "K-Car," Dodge Aries, etc. And yeah, Chrysler made good on that debt.