Dems Give White House Ultimatum on Auto Bailout
ABC News' Z. Byron Wolf Reports:
Democrats sent a clear message to the White House tonight - make some of the $700 financial industry bailout money available to the domestic auto industry or else. And they want an answer by Friday.
Auto makers returned to Capitol Hill today two weeks after a chilly reception from bailout weary lawmakers.
And while pleas from GM, Chrysler and Ford for bridge loans seemed to have some effect, prospects remain dim for an auto industry bailout passing Congress this year even though any later could spell the end of GM, according to prepared testimony from CEO Rick Wagoner.
The White House and Treasury Secretary Henry Paulson have rejected the notion of using money from the so-called TARP - a $700 billion package passed by Congress in October to stabilize the financial industry.
(More here.)
Democrats sent a clear message to the White House tonight - make some of the $700 financial industry bailout money available to the domestic auto industry or else. And they want an answer by Friday.
Auto makers returned to Capitol Hill today two weeks after a chilly reception from bailout weary lawmakers.
And while pleas from GM, Chrysler and Ford for bridge loans seemed to have some effect, prospects remain dim for an auto industry bailout passing Congress this year even though any later could spell the end of GM, according to prepared testimony from CEO Rick Wagoner.
The White House and Treasury Secretary Henry Paulson have rejected the notion of using money from the so-called TARP - a $700 billion package passed by Congress in October to stabilize the financial industry.
(More here.)
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1 Comments:
I don't know what Congress can really threaten Bush with, but Reid says he doesn't think they have the votes. The money has to come from somewhere, but I won't hold my breath for Bush and Paulson to rip it out of the $700 billion.
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