Inspire Political Discourse

The Senate, the Bailout, and Politics as Usual

UPDATE 2 - 4:00pm:  WXYZ, a Detroit area ABC affiliate, has confirmed that the Treasury is going to step in and lend the automakers $14 billion to stay afloat short term.

WATCH the report on wxyz.com

UPDATE 1 - 12:25pm:  WXYZ, a Detroit area ABC affiliate, just announced that Treasury Secretary Paulson is going to release $14 billion in short-term loans to the automakers.

This has not yet been confirmed, but the source is from Rep. Sander Levin's office. 

From an AP report, earlier:

WASHINGTON (AP) - The United Auto Workers union is welcoming the Bush administration's vow to prevent the possible failure of any U.S. automakers in the next few weeks.
After the Senate rejected a $14 billion rescue plan for the industry, the White House today says the economy "could not withstand a body blow" that a "disorderly bankruptcy in the auto industry" would create.
Bush press secretary Dana Perino says Congress doesn't "have the votes to do anything," so the White House will have to consider other options.
The Treasury Department says it "will stand ready to prevent an imminent failure until Congress reconvenes" and takes action.
Tapping the $700 billion financial rescue is one of the few remaining options for General Motors and Chrysler, which have said the could run out of cash within weeks.

:: The Senate is playing politics as usual concerning the auto bailout, the dissent led by Sen. Shelby.

14 out of 35 votes against the bill came from the South, the Republican charge led by Alabama Sen. Shelby, the man who has succeeded in providing at least three, possibly four, foreign automakers in his state with BILLIONS in US taxpayer funds. WTF? How wrong is this? Shelby obviously has a very vested interest in the failure of the big three, as do the politicians in Kentucky, South Carolina, Mississippi and Texas.

Additionally, the GOP is interested in using this bailout as a union-busting tool, at the expense of the rest of the country, and millions of American jobs.They should be ashamed to call themselves Americans.

Conservatives Use Auto Rescue To Engage In Union Busting Campaign» - Think Progress

>>WATCH as the worldwide financial markets react negatively to this news. U.S. Stocks, Dollar, Oil Tumble After Auto-Rescue Bill Fails 

Image credit: Bloomberg.com

>>WATCH: What's next for the big 3?

The best single source for breaking news and background on the auto bailout is on wxyz.com, an abc affiliate, and the leading source for news in the Detroit area.

>>Contact the White House to demand action by President Bush on this issue.

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Daily Political News Summary - Thursday, December 11, 2008

:: The unfortunate state of the auto bailout.

I've been avoiding this topic all day, hoping that the news would be better by the end of it. No such luck, I'm sorry to say. My prediction - it won't get past the GOP in the Senate.

WASHINGTON (AP) — Labor, the auto industry and lawmakers bargained in unprecedented private talks in the Capitol Thursday night, struggling to salvage a $14 billion government bailout of the Big Three carmakers.
"We're closer to agreement," Senate Majority Leader Harry Reid of Nevada said after several hours of talks, although he also said an accord remained elusive.
Officials said the negotiations centered on possible wage and benefit concessions from the United Auto Workers union as well as large-scale debt restructuring by General Motors Corp., Ford Motor Co. and Chrysler LLC.  Chicago Tribune

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:: Obama faces the Blagojevich scandal head on, with his usual sense of integrity.

At the Obama presser today, Obama didn't wait for the press corps to bring up Gov. Blagojevich. He brought it up, told us what he knows, and told us what he's going to do about it. Watch the video and/or read the transcript.

| Analysis: Illinois scandal gives Obama chance to set himself apart and burnish 'change' image
| Obama declares his staff not involved in Ill. governor scandal, orders internal probe anyway

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:: 73% of adult Americans approve of Obama's handling of the transition, and his preparations for taking office in January.

A really excellent polling result, indicating that Obama has been able to win over many McCain voters, according to the Wall Street Journal.

Overall, a majority of Americans are confident in Mr. Obama's ability to govern and unify the country, with many who didn't vote for him now seeing him in a positive light. The poll found that 73% of adults approve of the way he is handling the transition and his preparations for becoming president. 

Polling indicates that the nation is more unified around Mr. Obama than it was for either Bill Clinton in 1992 or George W. Bush in 2000. Americans say the challenges, too, are greater, with 77% of those surveyed predicting Mr. Obama will face bigger problems than most recent presidents have.  Wall Street Journal

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