Senate Majority Leader Harry Reid plans on Monday to move forward with a bill that would give the auto industry access to the $700 billion Troubled Asset Relief Program set up by the government in October to help ailing banks and other financial firms. The Bush administration and many Senate Republicans disagree with such an approach. Instead, President George W. Bush late Friday urged Congress to speed up release of $25 billion in already approved loans to the auto industry. Mr. Bush asked Congress to ease requirements that those loans be used to help the industry retool to meet higher fuel-economy standards, a move opposed by many Democrats. "We are now actively calling on Congress to pass legislation next week that will amend the loan program and accelerate much-needed funds to the auto companies," White House press secretary Dana Perino said. "It has become clear to us that the congressional Democrats...are choosing a path that will only lead to partisan gridlock."
Senate Majority Leader Harry Reid plans on Monday to move forward with a bill that would give the auto industry access to the $700 billion Troubled Asset Relief Program set up by the government in October to help ailing banks and other financial firms.
The Bush administration and many Senate Republicans disagree with such an approach. Instead, President George W. Bush late Friday urged Congress to speed up release of $25 billion in already approved loans to the auto industry. Mr. Bush asked Congress to ease requirements that those loans be used to help the industry retool to meet higher fuel-economy standards, a move opposed by many Democrats.
"We are now actively calling on Congress to pass legislation next week that will amend the loan program and accelerate much-needed funds to the auto companies," White House press secretary Dana Perino said. "It has become clear to us that the congressional Democrats...are choosing a path that will only lead to partisan gridlock."
Frank Delaney ~ Ireland
The point is that if GM goes broke it's not just a U.S. problem, as usual...