by Frank James
All of those waiting to see if there'll be an auto bailout vote today in the Senate can stand down.
Senate Minority Leader Mitch McConnell says there'll be no vote on the bailout today:
Here's the statement he made on the Senate floor:
"Republicans were told last night that an agreement had been reached between Congressional Democrats and the White House on an auto package.
"As of this morning, we still haven't seen the final version of this bill. Once we do, we'll review it to see if it meets our standard for support -- the taxpayers' standard for support.
"But let me be clear: there will be no vote on this legislation today. On a bill this critical, with so much taxpayer money at stake, we cannot rush this through without adequate review.
"My members will be discussing the merits of this latest version of the plan at our weekly policy lunch this afternoon.
"So this afternoon I expect to have some more substantive thoughts on this latest proposal's chances for support within my conference.
"We will address this issue before the end of the week.
"For those who need a refresher, let me remind everyone of the Republican criteria for this legislation: first and foremost, we will not let taxpayers spend their hard-earned money on ailing carmakers unless these companies are forced to reform their bad habits -- either inside or outside of bankruptcy.
"This means that workers won't be paid not to work. This means a final bill would not interfere with pending environmental lawsuits in a one-sided manner. And it means that struggling car companies will have to rationalize their cost structures -- because a company that does not respond to market conditions is a company that is doomed to failure anyway. And Republicans will not allow taxpayers to subsidize failure.
"As I've said repeatedly, my Republican colleagues and I want to put struggling carmakers on a path to long-term success. But we cannot support a plan that doesn't."
McConnell is clearly leaving the door wide open for Senate Republicans to torpedo the White House-congressional Democrats' deal.
Comments
Thank you, Mitch McConnell. There is no legitmate reason to throw this money down the rathole when any of the big 3 can compete on a level playing field with their competition under bankruptcy protection.
Posted by: An Appreciative Democrat | December 10, 2008 3:08 PM
After the bailout is finalized comes the hard part: convincing people that American cars are worth buying.
Posted by: fan boy | December 10, 2008 3:37 PM
After the bailout is finalized comes the hard part: convincing people that American cars are worth buying.
Posted by: fan boy | December 10, 2008 3:37 PM
That they will never do with a cost factor of $1500 on an average car over the foreign manufactures.
American Public is no that dumb.
Posted by: Inky | December 10, 2008 4:03 PM
In other words, after handing over $700 billion to corporations that manufactured bad loans, overpaid executives, and excuses for spa retreats, the Republicans aren't going to just roll over and give a fraction of that amount to corporations that employ middle-class Americans and manufacture a product that people use, without taking as much as possible out of its worker's hides and moving further away from energy independence and a cleaner environment.
Big surprise.....NOT!
Posted by: Lorenzan J | December 10, 2008 4:53 PM
The GOP has alread lost two straight elections. If the auto and manufacturing base fail, not only will it exacerbate the worldwide depression, the GOP will make themselves irrelevent for decades to come. While that is a welcome result, the devastation their failed economic policies would sow is not worth our electoral success.
Posted by: Loyd Beard | December 10, 2008 10:43 PM
As part of the deal, why not eliminate the capital gains taxes on Ford and GM stock?
Posted by: Terry | December 11, 2008 6:34 AM
The auto bailout bill has not passed, The sky did not fall. Filibuster or Chapter 11, pick one
Posted by: Ace Edwards | December 11, 2008 7:46 PM