House Passes $14 Billion Auto Industry Bailout
They’re calling it a “loan,” but if it were a loan it’d be given by a bank. Not the taxpayers.
WASHINGTON — A $14-billion rescue package for the imperiled U.S. auto industry sped to approval in the U.S. House of Representatives on 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 U.S. 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.
Here’s the vote tally. Only 32 Republicans voted for it. You can see which ones at the link.
According to the article, certain Senate Republicans are promising a battle over it, but not all of them are on the same page.
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.
For those concerned with limited government – for those Republicans who would call themselves conservatives – there is no choice here but bankruptcy. “Heavy concessions” to go along with a bailout is merely a cop out.
To date five Republican Senators are on board for a filibuster. Will it be enough? And with this Congress winding down and Democrats set to have larger majorities, and Obama in the White House, will killing the bailout now even matter?
It may not. But that doesn’t mean Republicans should go softly into the dark night. A nice, nasty filibuster would be the perfect mood-setter for the next Congress.
