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Showdown Looms Over Auto Bailout - WSJ.com

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."

by afew (afew(a in a circle)eurotrib_dot_com) on Sat Nov 15th, 2008 at 03:54:53 PM EST
[ Parent ]
Surprisingly, GM sells over 60% of its cars overseas.
by asdf on Sun Nov 16th, 2008 at 10:29:15 AM EST
[ Parent ]
Well, of course. They sell Hummers. They probably sell them to BlackBurton at a 1000% mark-up who then sells them to the Defense Department overseas at a 20000% mark up.


Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Sun Nov 16th, 2008 at 10:52:32 AM EST
[ Parent ]
Actually it's the captive brands like Opel that manufacture cars suitable for some geography and then sell into that geography. The number of US-made GM cars shipped overseas is probably miniscule.

The point is that if GM goes broke it's not just a U.S. problem, as usual...

by asdf on Sun Nov 16th, 2008 at 11:12:31 AM EST
[ Parent ]

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