Posted on 11/11/2008 1:42:51 PM PST by Fred
WASHINGTON -- House Speaker Nancy Pelosi said she will push legislation next week to help the ailing auto industry.
"I am confident Congress can consider emergency assistance legislation next week during a lame-duck session, and I hope the Bush Administration would support it," the California Democrat said in a statement.
Rep. Pelosi said she tapped House Financial Services Chairman Barney Frank (D., Mass.) to craft legislation that would give the industry "limited" assistance under the recently enacted Troubled Asset Relief Program.
"In order to prevent the failure of one or more of the major American automobile manufacturers, which would have a devastating impact on our economy, particularly on the men and women who work in that industry, Congress and the Bush Administration must take immediate action," she said.
The speaker added the assistance would be conditioned on limits on executive pay, rigorous independent oversight and other taxpayer protections "to ensure that any companies that benefit from this assistance -- and not the taxpayers -- bear the full burden of repaying any costs that are incurred."
The speaker's decision comes a few days after General Motors Corp. warned it is rapidly running out of cash, and Ford Motor Co. announced its situation was only slightly better.
The plight of the industry has drawn attention from the White House and the incoming Obama administration. Last week, President-elect Barack Obama prodded the Bush administration to do more to help the industry, and on Monday, he raised the issue with President George W. Bush in an Oval Office conversation meant to underscore a smooth transition of power.
Before adjourning for the elections, Congress passed legislation providing for $25 billion in government-backed loans to the auto makers to prod them to retool their factories to make more efficient vehicles.
(Excerpt) Read more at online.wsj.com ...
Tie it to a domestic energy and drilling bill. We have 4 times the Saudis reserves in the lower 48 in shale oil, coal diesel and oil in ND. Pelosi and the Dems winning Congress in 2006 wiped out the country and auto industry.
Also employees of bailed out companies take pay cuts or at least 10% until the money is paid back.
The UAW, that ran the US auto industry into the ground, is just reaping the reward of their tens of millions of campaign dollars given to the Democrats they bought for such a time as this.
Tell me what the wage and benefit package is for an auto worker....and I’ll tell you where the problem lies...
Why redirect any part of the $700 billion? Why not just create a new $700 billion?
$73.22 per hour; heard this yesterday morning on the radio
I will never buy a product from a bailout receiving company.
Bush hasn’t the balls or the will to veto, and blow the whistle.
Republicans should not show up.
How un-Free Market. Wall Street must be outraged. Or not.
Does Pelosi really think money grows on trees?
If so, I want one, too.
I have to agree. They should have skipped the first round. If McCain had he might have done better in this last election.
Noooo...they should just vote “present”...heheheheheh
“Tell me what the wage and benefit package is for an auto worker....and I’ll tell you where the problem lies...”
Sheesh...this union bashing is getting silly. Let’s look at the benefit packages of business owners, CEOs and bankers too! Looks like we know where the problems in this nation lie.
And getting a nice return on their investment.
NOTE TO BUSH: Go out with a bang! Veto this. We will have a far smaller UAW to campaign against us in 2010 and beyond, as GM is unlikely to make it to Jan. 20.
This is not what an employee makes, this is what it costs the company to employ a person per hour. You do realize that this is with all benefits, Social Security (company paid and personal), medicare, taxes, and other non-voluntary deductions, right?
Enough. The decision has just been made. My next, and for the first time, car purchase will NOT be any put together by the UAW. For 40 years and more, I’ve watched both the union and the democrats curse, vilify and slander every effort and product of the AMERICAN auto industry. Suddenly, the ship is sinking rapidly, and the rats who put the holes in the bottom of the ship, are running around in hysterical circles.
No, my next auto will NOT be from an AMERICAN company, but it will have been carefully and proudly assembled by AMERICAN workers.
The Auto Unions seem to have forgotten...the public now has a choice and it is saying,” you are fired.”
So we should enable further bad conduct just because others benefited?
There’s nothing that can be done for what’s already happened. We can only draw a line and say “no more.”
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