"Republicans hold all the cards in the bailout debate"

[babylonsister]

From 5pm today...

http://www.reuters.com/article/asiaDealsNews/idUSTRE4BA6V720081211


(Reuters) - Senate Republicans have more than enough votes to block a White House-backed bill to bail out the U.S. auto industry, forcing fresh talks among lawmakers to find alternative.

Here is where the political players in Washington stand:

THE WHITE HOUSE: The Bush administration, which retains power until January 20, negotiated a compromise $14 billion bailout deal with Democrats. Vice President Cheney and senior White House officials have lobbied senators but their influence is waning in the final weeks of an unpopular administration. White House officials insisted on Thursday that there was still a chance legislation could be approved.

CONGRESSIONAL DEMOCRATS: Democrats who control both chambers of Congress pushed a bill through the House of Representatives on Wednesday, but it is stalled in the Senate. Senate Democrats hold a razor-thin majority and do not believe they have the votes to get their bailout plan over procedural hurdles despite conditions to force restructuring and hold automakers accountable for repayment. They plan to hold a procedural vote later Thursday or Friday.

CONGRESSIONAL REPUBLICANS: Republicans hold all the cards in the bailout debate and oppose the Democratic plan as not "nearly tough enough." Republican Sen. Bob Corker of Tennessee offered an alternative that prompted new talks among lawmakers from both parties. It would force automakers to obtain concessions from labor, bondholders and other stakeholders before receiving bailout loans. Companies would have to seek bankruptcy protection if conditions for loans are not met by a fixed date. Fueling Republican opposition is voter backlash from the $700 billion financial services industry rescue and public skepticism of new bailouts. Key opponents are lawmakers who want union wages brought in line with scales paid to non-union workers at auto plants operated by foreign automakers in their states.

PRESIDENT-ELECT BARACK OBAMA: President-elect Barack Obama hopes for a congressional deal to avert a potential industry collapse. Obama told a news conference on Thursday he remained in favor of short-term government assistance to the industry that would keep it operating and accountable to the U.S. taxpayers. Obama had solid support from labor unions during his presidential campaign and won Michigan handily as well as Ohio and Indiana, other auto states.

(Edited by Philip Barbara)

[Andy823]

1. I want to know why

There is so much being contested now for the auto industry, but banks and financial institutions had no strings attached to their bailout? Could this just all me about breaking the union?

I know that the senators from the southern states with Toyota, VW, Hyundai, and any other non US auto companies are doing their best so stop the bailout, but why can't the rest of the repukes see just how bad this will be for this country? I fine it hard to understand the crap going on in congress, and the lack of our so called leaders in congress not being able to stand up to this kind of crap!

[StClone]

6. Yes Pukes and Cons hate Unions

And will destroy them anywhere they can. But this is also about Southern non-union auto makers owned by foreign companies.

[babylonsister]

7. Because the rethugs can? Come January, not so much (I hope)? nt

[Poiuyt]

2. I want to know why when Republicans ruled Congress, everything went the way they wanted

Now that Democrats rule Congress, everything goes the way the Republicans want. I thought elections were supposed to have consequences.

[Third Doctor]

4. The republicans had a stronger majority recently.

The Dems up until recently has had a razor thin one. There are still enough repubs in the senate to cause trouble until early next year.

[Historic NY]

3. Its time to smoke out those asshats publicly.....lets all unions know

who stood against them, who want to take moeny out of their pockets. They need to make them have an "UP oir DOWN" Vote...remember how many time we heard that...Come on Harry grow a set force them to pay or play.

[babylonsister]

5. I think the unions will be key; they've been attacked by this. nt