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Wednesday, Jun 7, 2023

Deal on Auto Plan Near

Congressional Democrats and the Bush administration have inched closer to an agreement on a taxpayer rescue of the American automobile industry, the New York Times reported. House Republicans, however, pose a major threat to a rescue because they are circulating an alternate plan that they said would allow the car companies to be competitive again without putting public money at risk, according to the Times. House Republicans are at a 236-to-198 disadvantage, though. The Senate needs Republican support for a rescue because 60 votes are needed to advance the measure because of procedural rules, and, with the resignation of President-elect Barack Obama, Democrats have just a 50-to-49 advantage in the Senate, the New York Times said. The rescue plan would give $15 billion in emergency loans to General Motors and Chrysler, but not to Ford because it is not as financially bad off as the other two American automakers. A vote on the rescue plan is scheduled for Dec. 10.

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