What we pick up riding the range…
Associated Press, “Democrats at work to tap bailout for automakers”
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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