Posted on 11/09/2008 3:01:46 PM PST by Fred
House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid sent a letter to Treasury Secretary Henry Paulson urging him to assist the Big Three auto makers by considering broadening the $700 billion Troubled Asset Relief Program to help the troubled industry.
The two top Democratic leaders in Congress are likely to make the request in a letter to the White House, which could be forwarded as soon as Saturday afternoon, said individuals familiar with the matter. President-elect Barack Obama is generally supportive of the appeal, but at the moment is moving on his own track to assist the industry, these individuals said.
Mr. Obama is scheduled to meet with President George W. Bush at the White House Monday.
The White House has been reluctant to broaden use of the $700 billion program, which was created by Congress just ahead of the election to deal improve credit flows and calm turmoil in financial markets incited by the downturn in the housing economy.
"It was not set up for anything else," said Bush spokesman Tony Fratto, noting the only assistance authorized by Congress for the auto industry is a $25 billion loan package meant to help the industry retool to meet higher fuel economy standards.
The appeal from Mrs. Pelosi (D., Calif.) and Mr. Reid (D., Nev.) comes a few days after the lawmakers met with senior executives for the Big Three auto makers. The industry, facing huge losses, is seeking a range of government assistance, including access to the $700 billion program.
Though the administration is reluctant to widen the program to cover autos, there has been discussion among Bush officials of expanding use of the $700 billion to buy equity stakes in a range of financial-sector companies, moving beyond just banks and insurers.
(Excerpt) Read more at online.wsj.com ...
Yes, they have to repay the unions for their support.
If Pelosi, Ried and Obama want to do this let it be on their watch not this administration.
Money for the Corporations. Pelosi, the protector of the Corporations
Around here their advertising zero down, first time buyers, we have lots of money to make loans etc.
Here we go again , get people all up side down on loans, un qualified borrowers...oh well, these too will be gubmint guaranteed so no worries, there's plenty more where that came from.
In the meantime Waxman’s pushing for much higher energy taxes...This could be a laugh a minute.
their=they’re
bookmark
They can pay for the Union’s lavish post retirement benefits when they confiscate our 401(k)s.
Makes you wonder what they're up to, doesn't it?
You just hit this one outta the park.
From today's WSJ
Have been buying Fords since 89.
The big 3 can go to hell. I’m not buying any union made crap.
They should build these gems for the state. Talk about symbolism.
NO BAILOUT FOR UNION AUTO THUGS!
NEXT
Yep, it’s the “WHBYONYMOTCWWYTM” Bill. (we helped bail you out, now you make only the cars we want you to make)
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