"me" <noemail@nothere.com> wrote in message
news:hus0k4d43atfopvd2498le4jd1jmncrd2o@4ax.com...
> On Wed, 10 Dec 2008 18:18:34 -0600, Oscar Finkleheimer
>
> GM paid advertisement. Read the article.

House OKs $14B auto bill - but it's still in peril
WASHINGTON - A $14 billion rescue package for the nation's imperiled auto
industry sped to approval in the U.S. House Wednesday night, but the
emergency bailout was still in jeopardy from Republicans who were setting
out roadblocks in the Senate.

Democrats and the Bush White House hoped for a Senate vote as early as
Thursday and enactment by week's end. They argued that the loans authorized
by the measure were needed to stave off disaster for the auto industry - and
a crushing further blow to the reeling national economy.

The legislation, approved 237-170 by the House, would provide money within
days to cash-starved General Motors Corp. and Chrysler LLC. Ford Motor Co.,
which has said it has enough to stay afloat, would also be eligible for
federal aid.

Republicans were preparing a strong fight against the aid plan in the
Senate, not only taking on the Democrats but standing in open revolt against
their party's lame-duck president on the measure.

The Republicans want to force the companies into bankruptcy or mandate hefty
concessions from autoworkers and creditors as a condition of any federal
aid. They also oppose an environmental mandate that House Democrats insisted
on including in the measure.

House Speaker Nancy Pelosi said it represented "tough love" for U.S. auto
companies, and "giving a chance - this one more chance - to this great
industry."

The White House, struggling to sell the package to congressional
Republicans, said earlier that a carmaker bankruptcy could be fatal to the
auto industry and have a devastating impact on workers, families and the
economy.

"We believe the legislation developed in recent days is an effective and
responsible approach to deal with troubled automakers and ensure the
necessary restructuring occurs," said Dana Perino, the White House press
secretary.

But the measure faces a difficult road in the Senate, where it needs 60
votes to advance. Rank-and-file Senate Republicans skewered the bill during
a closed-door luncheon with White House Chief of Staff Josh Bolten, who was
dispatched to Capitol Hill to make a case for the rescue package.

Besides providing cash for the auto companies, it would create a government
"car czar," to be named by President George W. Bush to dole out the loans,
with the power to force the carmakers into bankruptcy next spring if they
didn't cut quick deals with labor unions, creditors and others to
restructure their businesses and become viable.

Behind the scenes, Senate Democratic and Republican leaders scrambled for a
deal that would allow votes on the bill on Thursday. Some GOP senators were
demanding votes on an alternative that would order the automakers to take
specific actions to restructure - including steep wage cuts and debt
restructuring - in return for any federal money.