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Dienstag, 9. Dezember 2008

Terms for Detroit Bailout

Tough Terms for Detroit Bailout

In extending help to Detroit, Congress has the whip hand and will be using it

House Speaker Nancy Pelosi called the draft bailout bill "the barber shop. Everyone is going to get a haircut." Brendan Smialowski/Getty Images

Congress, having worked through the weekend, delivered a bill on Monday, Dec. 8, to the White House that is designed to bail out the ailing U.S. auto industry with $15 billion in loans. Despite lingering objections by the Bush Administration and Congressional Republicans, it looks as though the aid package will pass.

Speaker of the House Nancy Pelosi (D-Calif.) agreed over the weekend to tap a $25 billion loan program from the Energy Dept. that was meant to help automakers and suppliers retool factories to build greener vehicles. The White House said it would not consider approving any other source of funds, such as the $700 billion Wall Street bailout fund, a measure favored by Democrats. more details here........

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