Senate will take up $25 billion auto bill (on Monday)

[Bozita]

Source: Detroit News

Friday, November 14, 2008
Senate will take up $25 billion auto bill
David Shepardson / Detroit News Washington Bureau

WASHINGTON -- The Senate will take up the $25 billion auto bailout bill on Monday, with a procedural vote expected Wednesday to see if Democrats have enough support to overcome Republican roadblocks.

Sen. Majority Leader Harry Reid said today that debate on the bailout bill would begin on Monday, his spokesman, Jim Manley, confirmed.

Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, told reporters Thursday that the votes may not be there to pass an auto bailout bill.

"I don't know of a single Republican who's willing to support (it)," he said.

Read more: http://www.detnews.com/apps/pbcs.dll/article?AID=/20081114/AUTO01/811140425

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Dodd is wrong. I understand Senator George Voinovich (R-OH) is supporting the current effort.

The Detroit News story was added to their website at 12:52pm EST.

[lapfog_1]

1. Obama should make a deal

tell GM and Ford and Chrysler that they will get their bailout next January IF they don't do massive layoffs right now (10% max) and they don't file for bankruptcy.

And then tell them that right now, don't produce any cars, spend the entire time between now and then revamping their factories with an eye toward flex fuel and plug in electric hybrids (even if they don't have completed designs yet). There should also be a light duty pickup that gets 40 MPG or better, same for SUVs.

We will keep them afloat until they get the factories set up and the designs complete.

AND we will buy up 60% of GM stock (about $1B at current prices) to be held in trust for distribution to the workers through their retirement plans. (i.e. the workers buy the stock from the trust via monthly payments).

[Sen. Walter Sobchak]

2. Detroit has earned its failure,

There has never been an industry in history that has done more to secure its own failure than Detroit, just die already. There is a point at which a business isn't worth saving.