WASHINGTON – Congressional Democrats are pushing legislation to send $25 billion in emergency loans to the beleaguered auto industry in exchange for a government ownership stake in the Big Three car companies.
House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., hope for quick passage of the auto bailout during a postelection session that begins Monday.
Legislation being drafted by Rep. Barney Frank, chairman of the House Financial Services Committee, would dip into the $700 billion Wall Street rescue money, approved by Congress last month, for the auto aid.
Sen. Mitch McConnell, R-Ky., the minority leader, was noncommittal about additional aid. In a statement, his spokesman said Congress should move to speed the release of a $25 billion loan program passed earlier to help the carmakers develop fuel-efficient vehicles.
Mitch you better be more than cool to the idea you need to be screaming small government from the rooftops. The financial bailout was a terrible idea and will only sink the GOP further. If the Govt can loan the Big 3 the original $25 billion that is fine and you need to get the money to them ASAP. Beyond that GM needs to file for bankruptcy its the only think that will allow them to restructure appropriately to survive long term.
Barney Frank has no business making financial decisions about anything the man couldn't run a 7-11. Has it been that long that people forget Barney is balls deep in the housing market crash?
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