Still breaking
http://www.msnbc.msn.com/From CNN
The House of Representatives handily passed a bill Wednesday night that would provide up to $14 billion in bridge loans to Detroit’s automakers, but Republican opposition cast doubt about the bill’s fate in the Senate later this week.
Even Democrats couldn’t come to complete agreement on the bill, with House and Senate Democrats going their separate ways on one of the criteria the proposed “car czar” must consider in determining an auto company’s long-term viability plan.
House Democrats used language requiring that autos meet stricter “applicable” fuel efficiency and emissions standards — which would cover consideration of state standards such as those adopted in California and New York — while the Senate version of the bill calls for vehicles to meet “federal” standards, which are not as high as some state benchmarks.
http://cnnwire.blogs.cnn.com/From NY Times
“Invest in America,” Representative John D. Dingell, Democrat of Michigan, urged his colleagues during the debate. Saying the bill represented salvation for the country, Mr. Dingell said its rejection would be a calamity.
Also speaking in support was Representative Joe Barton, Republican of Texas. “It would be an absolute shame to force those companies into bankruptcy,” he said. “If we can give the A.I.G.’s and the Wells Fargos and the JPMorgans of the world — each of those individual companies — between $40 and $45 billion,” then certainly the carmakers deserve a $15 billion bridge loan.
But Representative Tom Feeney, Republican of Florida, said the bailout would only prop up carmakers using “failed and antiquated” structures.
And Representative Jeb Hensarling, Republican of Texas, questioned why lawmakers were aiding the carmakers while ignoring many of the small businesses that are also struggling amid the economic slowdown.
“It would be one thing if we knew for a fact that this money would solve the problem, but we don’t,” Mr. Hensarling said. The question, he added, is whether carmakers will reorganize with investors or taxpayers bearing the risk."
http://www.nytimes.com/2008/12/11/business/11auto.html?_r=1&hp
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