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Old 11-20-2008, 11:39 AM   #1
Moose
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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.
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Old 11-20-2008, 11:42 AM   #2
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Old 11-20-2008, 11:49 AM   #3
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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.
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Old 11-20-2008, 11:50 AM   #4
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Mods, I found another merge for you guys.
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Old 11-20-2008, 11:53 AM   #5
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Mods, I found another merge for you guys.
Thanks. Taken care of.
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Old 11-20-2008, 11:53 AM   #6
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*relief*

But... as usual, I'm a little late to the party... so much for my pretty letter.
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Old 11-20-2008, 11:54 AM   #7
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*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.
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Old 11-20-2008, 11:57 AM   #8
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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.
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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?
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Old 11-20-2008, 12:01 PM   #9
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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.
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Old 11-20-2008, 12:09 PM   #10
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Is the news conference 2:30 EST?
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Old 11-20-2008, 12:27 PM   #11
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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.
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Old 11-20-2008, 12:37 PM   #12
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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.
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Old 11-20-2008, 12:44 PM   #13
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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.
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Old 11-20-2008, 12:45 PM   #14
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YES! CHALK ONE UP FOR AMERICA!
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