Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com - View Single Post

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.

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.