Congress

Gridlock for the Auto Bailout; Trouble for 'Candidate 5' — By Ben Pershing On top of all the ills currently plaguing Detroit and the auto industry, you can add bad political timing, as the bailout is percolating through the system just as congressional Republicans a) feel that they owe President Bush nothing, and b) desperately want to distinguish themselves from the ruling Democrats. The result is c) gridlock, as the bailout package cleared the House comfortably last night but faces a much rockier road in the Senate. Maybe this is just standard practice, as Congress often appears hopelessly stuck right before a breakthough allows them to go home for the... [Tags: auto industry, bailout package, breakthough, congress, congressional republicans]

Chris Dodd: GM Head Must Step Down Under Any Bailout Agreement — Sen. Chris Dodd (D-Conn.) said that Rick Wagoner should step down as chief executive of General Motors as part of any government-supported restructuring process. "I think he has to move on," Dodd said on CBS's "Face the Nation". Dodd has been working over the weekend to craft a roughly $15 billion auto bailout package that would carry the Big Three through March of next year. The automakers requested $34 billion from Congress last week. Dodd said the smaller, short-term package would give lawmakers more time to consider a government oversight board or an administrative process to oversee the restructuring of... [Tags: administrative process, automakers, bailout package, cbs, chief executive]

Congress to vote next week on autos — WASHINGTON (AFP) — The US Senate and House of Representatives hope to hold votes next week on a bailout plan to save America's teetering Big Three automakers, Democratic leaders in Congress said Friday...... [Tags: afp, bailout plan, big three automakers, congress, democratic leaders]

Auto aid chances improve as talks take place — WASHINGTON (Reuters) - Efforts to provide emergency loans to struggling U.S. automakers gained momentum on Friday after a grim U.S. jobs report spurred talks between Democratic leaders in Congress and the White House.... [Tags: automakers, congress, democratic leaders, emergency loans, jobs]

Congress Weighing Major Restructuring of Auto Makers — How Bailout Might WorkGM, Chrysler Open to Merger... [Tags: auto makers, bailout, chrysler, congress, gm]

Jon Stewart Pleads With Congress To "Give The Automakers The Money" [Carpocalypse Now] — The Daily Show's Jon Stewart isn't much of a car guy. Regardless, he's on the right track with last night's humorous quasi-opinion piece mocking the not-so-Big Three, but ending in the right place — supporting Congressional loans. Stewart's argument is based on some of the same argument's we've made on these pages, but also the new one we've starting hearing the past couple of days, that of "a Main Street bailout." Basically, was the bailout of the financial industry more a bailout for "Wall Street" — a bailout supported by everybody and anybody, while the bailout of the automakers is... [Tags: amc gremlin, automakers, bailout, car guy, congress]

Caroline Kennedy: Clinton Senate Replacement? — ABC News reports that Hillary Clinton's Senate seat might be filled by none other than Caroline Kennedy: Another Senator Kennedy? The crazy speculation about Hillary Clinton's Senate seat may not be so crazy after all. A Democrat who would know tells ABC News that New York governor David Paterson has talked to Caroline Kennedy about taking the seat, which was once held by her uncle, Robert F. Kennedy. It's not exactly shocking that Paterson would reach out to one of the most highly respected public figures in New York, but this is: Sources say Kennedy is considering it, and has... [Tags: abc news, caroline kennedy, colleagues, congress, david paterson]

Ian Welsh: 7 Ways The Feds Could Help Homeowners — Bernanke seems to be slowly working his way to the conclusion that the economy and the finance crisis can't be fixed without helping homeowners. As usual, he's late to the party, but I suppose better late than never. His proposals, such as they are, are vague. Let's run through how it has to be done if it's going to be done right. 1) The face amount of the mortgage needs to be reduced by the long term value of the house, as if the housing bubble hadn't occured. This is both to reduce foreclosures and to help reset housing prices... [Tags: balloon payments, congress, consumer spending, economy, feds]

Automakers Present Final Plea — Executives of GM, Ford and Chrysler are presenting their latest bailout requests to Congress Thursday. The automakers are asking for as much as $38 billion dollars in loans to keep the industry alive. What are their chances of getting it?» E-Mail This     » Add to Del.icio.us... [Tags: automakers, bailout, billion dollars, chrysler, congress]

Stocks on Wall Street Appear Headed for Early Decline — Premarket futures were pointing to a weak open Thursday, as the automakers continued to search for ways to placate Congress, and a slew of companies announced layoffs.... [Tags: automakers, congress, decline, futures, layoffs]

Bailouts Back on the Agenda — By Ben Pershing A spirited game of chicken over the fates of some of the biggest companies in America will continue today, as Congress and the Bush administration resume grappling over whether and how to bail out the auto industry. The latest development on that front is a new effort by Chris Dodd to win support for a plan to divert some $25 billion already earmarked to improve fuel efficiency toward helping the Big Three...Please click on the title to continue reading this entry.... [Tags: auto industry, bush administration, chris dodd, congress, fates]

The Last GM Makeover Attempt Didn't Go So Well — General Motors has promised Congress that it can recreate itself as a different kind of car company -- smaller, with a more cooperative relationship with its union, and a lineup of fuel-efficient cars to compete with the best of the foreign brands. At least G.M. knows how difficult the challenge will be. A quarter-century ago, G.M. started Project Saturn with the same goals. And it worked, for a time. Saturn owners, including many who traded in their Hondas and Toyotas to own the first models in 1990, became cheerleaders for the division's customer-friendly approach, while the United Automobile Workers union... [Tags: automobile workers, car company, cheerleaders, congress, cooperative relationship]

Chrysler No Stranger To Bailouts — The heads of the big three U.S. car companies are back on Capitol Hill Thursday, trying to convince Congress to give them billions in loans so they can avoid bankrupty. For some at Chrysler, there might be a sense of deja vu. Paul Eistenstein, who covers the car industry for the independent news service, The Detroit Bureau, talks to Renee Montagne about the first time Chrysler was bailed out in the 80s.» E-Mail This     » Add to Del.icio.us... [Tags: 80s, bankrupty, billions, capitol hill, car companies]

Bill Gates pushes for stimulus — Microsoft founder Bill Gates told CNN on Wednesday that he hopes President-elect Barack Obama and Congress immediately craft a wide-ranging stimulus package, to help jump-start the nation's sputtering economy, and double the United States' commitment to foreign aid...... [Tags: barack obama, bill gates, cnn, congress, economy]

Paulson May Ask Congress For Rest of Bailout Fund — Treasury Secretary Paulson is weighing whether to ask Congress for the remaining $350 billion of the $700 billion financial bailout fund.What Fed, Treasury Plan NextKudlow: Alternative to Bailout Nation... [Tags: congress, financial bailout, fund treasury, kudlow, treasury plan]

Obama says automakers' plan is "more serious" — CHICAGO (Reuters) - President-elect Barack Obama said on Wednesday struggling automakers have put forward a "more serious" restructuring proposal to Congress but withheld judgment on the plans until hearings are held.... [Tags: automakers, barack obama, congress, judgment, president elect]

The Future Of GM — This week, executives of The Big Three automakers are back in Congress to request a bailout for their ailing industry. Larry Burns, General Motor's Vice President of Research and Development, discusses GM's proposal and the future of that automaker.» E-Mail This     » Add to Del.icio.us... [Tags: automaker, bailout, big three automakers, congress, e mail]

What's In The Automakers' Pitches? — Last time the Big Three chiefs went to Washington, they were sent away empty-handed. This time they're presenting detailed proposals to Congress in an effort to obtain enough money to keep them viable. The editor of Automobile Magazine discusses the automakers' pitches.» E-Mail This     » Add to Del.icio.us... [Tags: automakers, automobile magazine, chiefs, congress, e mail]

How Lame Is The Human Rights Campaign? — Even worse than usual: Today, the gay rights group Human Rights Campaign will release a letter to President-elect Barack Obama strongly backing [Mary Beth Maxwell for Labor Secretary]. The catch: The group last week backed Rep. Linda Sanchez for the post. “You would have received our letter in support of Representative Sánchez’s candidacy for Secretary of Labor last week,” HRC President Joe Solmonese writes, asking for a mulligan. “While we remain supportive of Representative Sánchez’s candidacy, it has come to our attention that Mary Beth Maxwell is also being considered for this crucial position. Given Ms. Maxwell’s long history of... [Tags: barack obama, candidacy, congress, gay rights group, hrc]

Congress Eyes Big Three Automakers' Plans — Detroit's top auto executives have ditched their corporate jets for hybrid cars and replaced vague pleas for federal help with detailed requests for as much as $34 billion in their second crack at persuading Congress to throw their struggling companies a lifeline.» E-Mail This     » Add to Del.icio.us... [Tags: auto executives, big three automakers, congress, corporate jets, crack]