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White House, Democrats Near Short-Term Deal For Automakers
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| Parent(s) |
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| Contributor | Scott³ |
| Last Edited | Scott³ Dec 06, 2008 10:53am |
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| Category | News |
| Media | Newspaper - Washington Post |
| News Date | Saturday, December 6, 2008 04:00:00 PM UTC0:0 |
| Description | Washington Post.
Excerpt...
"Jolted by news of the worst job losses in more than 30 years, congressional Democrats were near an agreement with the White House yesterday on a plan to speed at least $15 billion to the faltering Detroit automakers in hopes of averting the collapse of an industry that supports millions of U.S. jobs.
In talks with White House Chief of Staff Joshua B. Bolten, House Speaker Nancy Pelosi (D-Calif.) dropped her long-standing opposition to tapping a loan program created by Congress to fund the development of fuel-efficient cars. Pelosi agreed instead to use the money to provide immediate cash to General Motors and Chrysler. Without government help, GM executives have said their company may not survive the month.
Pelosi is insisting, however, that money pulled from the loan program be "replenished in a matter of weeks so as not to delay that crucial initiative," she said in a statement. The White House has yet to agree to those terms, senior congressional aides said, but Democrats believe President Bush would be unlikely to veto a bill over those provisions.
The apparent breakthrough comes as the House and the Senate prepare to return to Washington next week to respond to requests from the Detroit automakers for as much as $38 billion to help them survive the economic downturn. The auto executives appeared on Capitol Hill for a second day yesterday, making a desperate plea for the funds. News that the nation had shed 533,000 jobs in November -- the most since 1974 -- added urgency to their appeal." |
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