Legal Commentary

Auto Bailout Dead in Senate

By Jeralyn

The Senate has effectively killed the chances of the auto bailout. Leading the oppositon: Republican Senator Mitch McConnell.

In a speech on the Senate floor, Mr. McConnell said he and other Republicans had drawn a clear distinction between the Treasury’s $700 billion economic stabilization, which they helped pass in October, and the proposal to aid the American automakers, which he said raised questions about which industries or individuals deserve help.

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The House approved the $14 billion plan, negotiated by Congressional Democrats and the White House, on Wednesday night. It would grant emergency short-term loans to General Motors and Chrysler and require the companies to submit to broad government oversight directed by a so-called car czar appointed by President Bush.

Now what?

Full post as published by TalkLeft on December 11, 2008 (boomark / email).