Meanwhile, Back at the Auto Ranch

By November 13, 2008Economy

What we pick up riding the range…

Associated Press, “Democrats at work to tap bailout for automakers

Detroit News, “Dems push $25B for Big 3, fed equity stake — Auto CEOs, UAW chief to testify next week; Bush opposes tapping $700B bailout fund

Washington Post, “Showdown Begins Over Lifeline to Automakers — White House Opposes Use Of Financial Rescue Funds“:

The Bush administration signaled yesterday that it would reject a proposal by congressional Democrats to immediately advance $25 billion in government loans to ailing Detroit automakers.

The White House and Treasury Secretary Henry M. Paulson Jr. made clear that while they are open to helping the auto industry, they are strongly opposed to Democrats’ plans to carve cash out of the government’s $700 billion financial rescue program. Despite those warnings, Rep. Barney Frank (D-Mass.) said he would move ahead and draft legislation, setting up a final showdown with the Bush administration.

Lots of “showdown” rhetoric there. Well, since Dodge is a prominent domestic auto brand…

Chairman Frank’s has scheduled his portion of the policy duel at the House Financial Services Committee hearing next Wednesday, November 19, “Stabilizing the Financial Condition of the American Automobile Industry.” Details — which are scanty right now — here.

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