WASHINGTON (AP) - Prospects dimmed Monday for enactment of a $25 billion bailout for the faltering auto industry before year's end, as congressional Democrats and the Bush administration seemed headed for a stalemate. Help for Detroit's Big Three, which have been battered by the economic meltdown that has choked their sales and frozen their credit, is falling victim to a partisan fight over where the money should come from.
Senate Democrats said they would press ahead with their plan to carve out a portion of the $700 billion Wall Street bailout to pay for the loans, but aides in both parties and lobbyists tracking the plan acknowledged they did not currently have the votes to do so. The White House and congressional Republicans insist that the automaker bailout money instead come from redirecting a separate $25 billion loan program approved by Congress to help the industry develop more fuel-efficient vehicles. READ ENTIRE ARTICLE HERE
So, they'll get part of the money from the loan program. What's the difference? It's still a bailout, so you can hardly claim that the "Bailout for GM is Collapsing".
ReplyDelete$25 billion loan program for fuel-efficient vehicles? Are you kidding me. They need money now to pay bills not for reasearch for a more fuel-efficient car, that is so stupid.
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