Compromise Reached In Senate On Auto Bailout

[fbachman]

David Barkholz

and David Kushma

Automotive News

November 20, 2008 - 12:48 pm ET

 

 

 

Key members of the U.S. Senate have reached a bipartisan deal to fund a rescue package for the Detroit 3, according to a spokesman for U.S. Sen. Carl Levin.

 

It remains unclear whether the senators have enough votes or when the matter will be taken up. It's also unclear if Senate Majority Leader Harry Reid, D-Nev., has signed on to the compromise.

 

A draft of the compromise was being worked on by Levin, D-Mich., and Sen. Christopher Bond, R-Mo., among others.

 

Bond and Sen. George Voinovich, R-Ohio, with White House support, on Wednesday introduced legislation that would redirect $25 billion in loans to the auto industry as bridge loans to the Detroit 3 automakers. The original intent of the loans was to enable automakers and suppliers to retool to build more fuel-efficient vehicles.

 

Democratic leaders in Congress have resisted using those funds, instead seeking money from the recently approved $700 billion banking bailout legislation.

 

Levin and other auto state senators are expected to reveal terms of the compromise at a 2:30 p.m. press conference today on Capitol Hill.

 

There was no word about any similar activity in the House of Representatives.

 

The CEOs of the Detroit 3 are asking for $25 billion in federal funds to see the automakers through a cash crisis.

[saxdogg]

To "retool"? That's crap, they could have done that on their own with a little foresight instead of gouging us on SUV prices all through the 90's until now. At least they could have evened out the product line. What crap...

 

Guarantee if I needed a loan to bail myself out of stupid decisions over years of time, no one would be there...especially not with public dollars.

 

[jrrod2004]

To "retool"? That's crap, they could have done that on their own with a little foresight instead of gouging us on SUV prices all through the 90's until now. At least they could have evened out the product line. What crap...

 

Guarantee if I needed a loan to bail myself out of stupid decisions over years of time, no one would be there...especially not with public dollars.

 

 

 

+1

[pennzoil29]

To "retool"? That's crap, they could have done that on their own with a little foresight instead of gouging us on SUV prices all through the 90's until now. At least they could have evened out the product line. What crap...

 

Guarantee if I needed a loan to bail myself out of stupid decisions over years of time, no one would be there...especially not with public dollars.

 

 

 

+1

 

[Nick The Great]

Sweet!

 

Case closed . . . for 6 months . . .

[pepi]

"Did you hear we are getting some serious party money" "oh, BTW, did you turn off the turbines on the lear jet?"

 

 

[VMax2007]

"Did you hear we are getting some serious party money" "oh, BTW, did you turn off the turbines on the lear jet?"

 

 

 

[Draenor]

To "retool"? That's crap, they could have done that on their own with a little foresight instead of gouging us on SUV prices all through the 90's until now. At least they could have evened out the product line. What crap...

 

Guarantee if I needed a loan to bail myself out of stupid decisions over years of time, no one would be there...especially not with public dollars.

 

 

 

+1

 

 

What a load of shit. They were already given money to "retool" to make more effecient vehicles. HERE

 

"Did you hear we are getting some serious party money" "oh, BTW, did you turn off the turbines on the lear jet?"

 

 

Negative Ghostrider.....Keep em warmed up for a quick get-a-way.

[VMax2007]

http://www.msnbc.msn.com/id/27824057

[bigdogxx]

All i can say is kiss all 3 automotive manufactures good by if they approve of this bail out, anything other then letting them go bankrupt to null and void the uaw contracts and let them reorganize is not acceptable!