Cheney: It's 'Herbert Hoover' time
By: Manu Raju
Politico
December 12, 2008
Senate Republicans’ dramatic revolt against a White House-backed auto industry rescue plan is fraught with political risk.
While the high-stakes gambit places them squarely within the mainstream of anti-bailout public sentiment, at the same time it exposes the party to potentially devastating criticism that its failure to compromise doomed the Big Three automakers and deepened the economic recession.
Republicans argue that their rejection Thursday evening of a $14 billion loan package came in response to the concerns of angry taxpayers who are unwilling to pay for an auto industry bailout on the heels of October’s $700-billion financial bailout package.
"I think it would appear that the people who voted against this are carrying out the will of the voters as expressed through the phone calls to our offices," said Sen. Charles Grassley (R-Iowa).
But that sentiment betrays the deep rifts the issue has revealed within the party, pitting Rust Belt and auto-state senators who joined Democrats in a plea for federal aid against their Southern colleagues who represent states where foreign-owned automakers constitute a significant economic presence. All of this takes place against the backdrop of an intraparty debate over whether the GOP has lost its core value of limited government.
(More here.)
Politico
December 12, 2008
Senate Republicans’ dramatic revolt against a White House-backed auto industry rescue plan is fraught with political risk.
While the high-stakes gambit places them squarely within the mainstream of anti-bailout public sentiment, at the same time it exposes the party to potentially devastating criticism that its failure to compromise doomed the Big Three automakers and deepened the economic recession.
Republicans argue that their rejection Thursday evening of a $14 billion loan package came in response to the concerns of angry taxpayers who are unwilling to pay for an auto industry bailout on the heels of October’s $700-billion financial bailout package.
"I think it would appear that the people who voted against this are carrying out the will of the voters as expressed through the phone calls to our offices," said Sen. Charles Grassley (R-Iowa).
But that sentiment betrays the deep rifts the issue has revealed within the party, pitting Rust Belt and auto-state senators who joined Democrats in a plea for federal aid against their Southern colleagues who represent states where foreign-owned automakers constitute a significant economic presence. All of this takes place against the backdrop of an intraparty debate over whether the GOP has lost its core value of limited government.
(More here.)
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