COMPROMISE REACHED FOR BIG 3 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Moose · 11-20-2008, 11:39 AM

I'm taking this from another forum;

http://freep.com/article/20081120/BUSINESS01/81120050

WASHINGTON – Key senators reached a compromise today on a $25-billion bailout of Detroit's automakers, but questions remained as to whether there was enough votes or time to pass the bill today.

Details were not immediately available.

A draft of the compromise being worked on by Michigan Sen. Carl Levin and Sen. Christopher Bond, R-Mo., would have used the $25 billion set aside by Congress in September for retooling auto plants over the next several years and lend it to automakers immediately.

Automakers would face strict conditions on using the money, similar to what financial firms faced under their bailout, and as they repaid the loans, the money would go back into the retooling fund.

The compromise comes after supporters could not garner enough support to use $25 billion from the $700-billion financial industry bailout, even after two days of testimony by Detroit auto executives warning of their industry’s imminent collapse.

Senate Majority Leader Harry Reid raised the prospect of calling the Senate back into session in December. House Majority Leader Steny Hoyer, D-Md., said earlier this week it was possible that the House could come back in December as well. General Motors Corp. and Chrysler LLC could run short of cash by the end of the year.

Before the Senate can consider an auto bailout, it will have to close debate on an extension of unemployment insurance, a move that requires 60 votes. If that succeeds, the industry aid could be offered as an amendment to the bill. Even if approved, it would still need to be passed by the House, which is scheduled to depart today.

“It may be necessary to come back after Thanksgiving,” Reid said this morning. “Everyone just stay tuned and we’ll do the best we can.”

Democrats have been opposed to using the retooling money, saying it was needed to speed the development of fuel-efficient vehicles under tougher mileage standards. A couple of senators have suggested delaying the mileage standards to give Detroit automakers a break, but no bill proposing that has been presented so far.

*The_Blur* · 11-20-2008, 11:42 AM

Badger · 11-20-2008, 11:49 AM

Fox news just reported a deal or agreement has been reached for a bailout of the big three! Hopefully this will help them out.

*The_Blur* · 11-20-2008, 11:50 AM

Mods, I found another merge for you guys.

Moose · 11-20-2008, 11:53 AM

Quote:

Originally Posted by The_Blur

Mods, I found another merge for you guys.

Thanks. Taken care of.

scotchsride09 · 11-20-2008, 11:53 AM

*relief*

But... as usual, I'm a little late to the party... so much for my pretty letter.

*The_Blur* · 11-20-2008, 11:54 AM

Quote:

Originally Posted by scotchsride09

*relief*

But... as usual, I'm a little late to the party... so much for my pretty letter.

Call anyway. We need to make it clear that we support this deal and would support more money. More calls mean more impact on this situation.

scotchsride09 · 11-20-2008, 11:57 AM

Quote:

Originally Posted by The_Blur

Call anyway. We need to make it clear that we support this deal and would support more money. More calls mean more impact on this situation.

I really hate the phone... but I sent a nice long letter this morning.

*The_Blur* · 11-20-2008, 12:01 PM

Quote:

Originally Posted by scotchsride09

I really hate the phone... but I sent a nice long letter this morning.

It'll only take a second. Just call the legislator's office. A secretary will pick up. Say that you live in the Senator's or Representative's district and that you expect that they vote for the auto industry. Tell them that you believe in American products and jobs, and the auto industry is extremely important to you.

It won't take long. I promise.

L. James · 11-20-2008, 12:09 PM

Is the news conference 2:30 EST?

HeatherR · 11-20-2008, 12:27 PM

Quote:

Originally Posted by L. James

Is the news conference 2:30 EST?

Yes, that is what they're reporting here. All local stations will be airing it at 2:30. They are also scrolling information at the bottom.

Mordeen · 11-20-2008, 12:37 PM

This just in:

WASHINGTON (Reuters) – Senators Levin, Bond, Voinovich, Stabenow reached an agreement on bipartisan auto aid agreement a senate democratic aide said on Thursday.

The senators plan a news conference for 2.30 p.m., the aide said

The Camaro Cometh.

*Camaro_Corvette* · 11-20-2008, 12:44 PM

I guess this is good news, did the big 3 get what they wanted,or did the gov't throw in a bunch of regulations with it. for example 50mpg's by 2020.

Fandango · 11-20-2008, 12:45 PM

YES! CHALK ONE UP FOR AMERICA!

11-20-2008, 11:39 AM	#1
Moose Moderator Drives: '99 Camaro SS #1392 Join Date: Jun 2006 Location: Newtown, Pa. Posts: 3,982	COMPROMISE REACHED FOR BIG 3 I'm taking this from another forum; http://freep.com/article/20081120/BUSINESS01/81120050 WASHINGTON – Key senators reached a compromise today on a $25-billion bailout of Detroit's automakers, but questions remained as to whether there was enough votes or time to pass the bill today. Details were not immediately available. A draft of the compromise being worked on by Michigan Sen. Carl Levin and Sen. Christopher Bond, R-Mo., would have used the $25 billion set aside by Congress in September for retooling auto plants over the next several years and lend it to automakers immediately. Automakers would face strict conditions on using the money, similar to what financial firms faced under their bailout, and as they repaid the loans, the money would go back into the retooling fund. The compromise comes after supporters could not garner enough support to use $25 billion from the $700-billion financial industry bailout, even after two days of testimony by Detroit auto executives warning of their industry’s imminent collapse. Senate Majority Leader Harry Reid raised the prospect of calling the Senate back into session in December. House Majority Leader Steny Hoyer, D-Md., said earlier this week it was possible that the House could come back in December as well. General Motors Corp. and Chrysler LLC could run short of cash by the end of the year. Before the Senate can consider an auto bailout, it will have to close debate on an extension of unemployment insurance, a move that requires 60 votes. If that succeeds, the industry aid could be offered as an amendment to the bill. Even if approved, it would still need to be passed by the House, which is scheduled to depart today. “It may be necessary to come back after Thanksgiving,” Reid said this morning. “Everyone just stay tuned and we’ll do the best we can.” Democrats have been opposed to using the retooling money, saying it was needed to speed the development of fuel-efficient vehicles under tougher mileage standards. A couple of senators have suggested delaying the mileage standards to give Detroit automakers a break, but no bill proposing that has been presented so far.

11-20-2008, 11:42 AM	#2
The_Blur Moderator Drives: 2018 Harley-Davidson Street Bob Join Date: Nov 2007 Location: San Diego Posts: 14,769	__________________ RDP Motorsport//GEN5DIY//Cultrag Performance//JPSS//Rodgets Chevrolet// Operation Demon//Buy at Invoice//RACECARWEAR RESPECT ALL CARS. LOVE YOUR OWN. warn 145:159 ban

11-20-2008, 11:49 AM	#3
Badger Drives: 2010 ABM SS #14 of 2,027 Join Date: Jan 2007 Location: New York Posts: 1,217	I think They have a deal Fox news just reported a deal or agreement has been reached for a bailout of the big three! Hopefully this will help them out.

11-20-2008, 11:50 AM	#4
The_Blur Moderator Drives: 2018 Harley-Davidson Street Bob Join Date: Nov 2007 Location: San Diego Posts: 14,769	Mods, I found another merge for you guys. __________________ RDP Motorsport//GEN5DIY//Cultrag Performance//JPSS//Rodgets Chevrolet// Operation Demon//Buy at Invoice//RACECARWEAR RESPECT ALL CARS. LOVE YOUR OWN. warn 145:159 ban

11-20-2008, 11:53 AM	#6
scotchsride09 It's STARSCREAM!!! Drives: 2003 Nissan Frontier S/C DR Join Date: Jul 2008 Location: San Diego, CA Posts: 303	relief But... as usual, I'm a little late to the party... so much for my pretty letter. __________________ Did I mention I have a sense of humor? Right now it's an '03 Nissan Frontier Supercharged Desert Runner I call Starscream. On order is a 1SS/ RS IBM with Black Rally Stripes, Beige Interior, manual transmission and a sunroof! Oh, and a stereo upgrade too! Ordered from CamaroScotty in WI. How will I get my baby home?

11-20-2008, 12:09 PM	#10
L. James 'Vetteran Drives: 2007 CORVETTE, 2001 Camaro DD Join Date: Apr 2007 Location: Salt Lake City Posts: 69	Is the news conference 2:30 EST?

11-20-2008, 12:37 PM	#12
Mordeen Drives: 2010 Camaro 2SS Black/Purple Join Date: Jul 2008 Location: Thousand Oaks, CA Posts: 49	Auto bailout agreement reached! This just in: WASHINGTON (Reuters) – Senators Levin, Bond, Voinovich, Stabenow reached an agreement on bipartisan auto aid agreement a senate democratic aide said on Thursday. The senators plan a news conference for 2.30 p.m., the aide said The Camaro Cometh.

11-20-2008, 12:44 PM	#13
Camaro_Corvette 36.58625, -121.7568 Drives: Team 1LE Join Date: Mar 2008 Location: Earth Posts: 23,709 View My Garage	I guess this is good news, did the big 3 get what they wanted,or did the gov't throw in a bunch of regulations with it. for example 50mpg's by 2020. __________________ I am seriously never serious vv V vv Next order of business

11-20-2008, 12:45 PM	#14
Fandango (In Z/28 Therapy) Drives: 2014 SS Camaro (Sookie) Join Date: Mar 2008 Location: Zephyrhills, FL Posts: 466	YES! CHALK ONE UP FOR AMERICA! __________________ Jesus said to her, “I am the resurrection and the life. He who believes in me will live, even though he dies; and whoever lives and believes in me will never die.”