God help us all!
Bipartisan Group of Senators to Propose Compromise Loans to Big Three
WASHINGTON — Aides to a bipartisan group of auto-state senators say they have reached a compromise to speed emergency loans to Detroit’s Big Three car makers.
Republicans and Democrats plan to present the proposal at a mid-afternoon news conference Thursday. But it was whether the compromise plan could draw enough support to get through a reluctant Senate.
It temporarily would divert to troubled automakers money from a program that currently finances the development of fuel-efficient vehicles. The aim would be to cover their immediate expenses.
http://www.foxnews.com/story/0,2933,455407,00.html
Sounds like a Levin Surge is needed.
“It temporarily would divert to troubled automakers money from a program that currently finances the development of fuel-efficient vehicles.”
During the Senate hearings this came up and the Senator from TN made a good point. He said to get this money the firm had to supply a document proving the recipient was “on-going.” It will be interesting to see if this requirement sticks.
One other thing about this: Barney Fwank said on Kudlow last night he would not go for this under any circumstances. He was adamant.