Bush wants $25B in loans released quickly to carmakers

[DogPoundPup]

Source: Freep / AP

WASHINGTON-- The White House is throwing support behind a plan to speed release of $25 billion in loans to troubled automakers but is rejecting a Democratic proposal to use money from a financial bailout for car companies.

Spokeswoman Dana Perino says the Democratic proposal would lead to partisan gridlock because the $700 billion rescue package was never intended to help automakers and shouldn't be now. For that reason, she told The Associated Press that the White House is now actively asking Congress to accelerate loans it first approved in September.

Those loans were meant to help automakers build more fuel-efficient vehicles. The administration now supports allowing it to be used for more urgent purposes as the companies struggle to stay afloat.

NOTE: Short article in it's entirety as seen here.

Read more: http://www.freep.com/article/20081114/BUSINESS01/81114082/1014

[amdezurik]

1. dammit that was supposed to to chimpies friends

not to help actual workers! Yuck!

[DJ13]

2. Bush says "Hands off, that money is ours!"

[Phred42]

3. Wonder what Obama had to promise him?

:shrug:

[Donnachaidh]

4. a speedy exit out of washington that doesn't involve tar and feathers. n/t

[HysteryDiagnosis]

5. Has anyone done the math on how much was SUCKED

out of the economy by the 4+ dollar a gallon fuel for several months?? It must range in the hundreds of billions, no? Could something like that help trigger the economic collapse of a system already buried in debt and mortgage?

[Kalifornia.Kid]

6. Obama wanted Bush to consider it - Do during Bush's last days and let him take the hit for it

[democracy1st]

8. called Obama pressure

[bluesmail]

7. Dana Perino must be looking forward to The End of * Adm.

But for totally different reasons.

[democracy1st]

9. Bush wants $25B in loans released to carmakers

Source: AP via Yahoo

WASHINGTON – The White House on Friday threw its support behind a plan to speed release of $25 billion in existing loans to the Big Three automakers but rejected a Democratic proposal to use money from a financial bailout to help the troubled industry.

The $700 billion financial rescue package was never intended to help automakers and shouldn't be now, White House spokeswoman Dana Perino told The Associated Press. But since Democratic leaders in Congress are pressing forward with a proposal to carve out a piece of its for the auto industry, she said the White House has decided to pursue a different approach: accelerating the availability of federal loans Congress first approved in September.

Those loans were approved to help automakers build more fuel-efficient vehicles and become more competitive companies in the global marketplace. The administration now supports allowing the loans to be released more quickly than the original legislation prescribed and to be used for more urgent purposes as the companies struggle to stay afloat.

"Democrats are choosing a path that would only lead to partisan gridlock," she said. "We are now actively calling on Congress to amend the loan program."



Read more: http://news.yahoo.com/s/ap/20081114/ap_on_go_co/auto_bailout

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Obama pressure

[Demeter]

10. But Detroit Is NOT To Have Any Free Money Without Strings, Like All My Buddies!

I know which side of my pedigree is buttered! How would it look if a Bush showered a favor on labor, no matter how remotely linked?

[xultar]

11. Obviously helping Detroit means helping middle class and union workers...

no way Bush would want to be seen as doing that....but he did blink the fucker.

Plus Raygun is the reason why US automakers didn't make the change...Raygun didn't feel that we Amerikuns need to change our ways after the Carter years.

If we had done what Carter said back in the 70's we wouldn't be in this shit.

[fascisthunter]

12. Since Bush is Part of that 1%, I say His Family Gives Up That 25 billion....

that'll shut that pussy up.

[MetaTrope]

18. The White House itself got $100 billion of the bailout funds for "discretionary spending"

But it's a sure thing we'll never, ever know where that money ends up.

[KakistocracyHater]

13. bailout helps same group as Bush tax cuts

since cutting their taxes failed to create jobs in America how is the bailout any different? The greatest impact is on the personal level-working Americans & jobless Americans, there is also the solution.

"And with no possibility of further interest rate cuts, there’s nothing to stop the economy’s downward momentum. Rising unemployment will lead to further cuts in consumer spending, which Best Buy warned this week has already suffered a “seismic” decline. Weak consumer spending will lead to cutbacks in business investment plans. And the weakening economy will lead to more job cuts, provoking a further cycle of contraction."http://www.nytimes.com/2008/11/14/opinion/14krugman.html?th&emc=th

Bailout Americans, not the wealthy who got tax cuts & refused to reinvest here.

[lib2DaBone]

14. More of the same..Billions for Bankster/Gangsters...nothing for taxpayers

[stray cat]

15. He is just going to speed up the release of money on a loan that has been held up from the past

So if I pay you the money I promised you thats a new loan?

[stray cat]

16. This is not a new loan - its just releasing money approved in Sept

Bush is taking credit for making sure the paper work is submitted in a timely fasion from his secretary

[unkachuck]

17. ""...$700 billion rescue package was never intended to help automakers..."

....the $700 billion wasn't intended for the banks either....the money was supposed to buy up bad mortgages....

....bushco just wants to bargain over their Colombian trade deal....

[MzYvonne]

19. Ok A Little Confused?

Let’s see here. Part of the 700 billion bailout is for, or has gone go to banks so they can start loaning money out. Now GM wants our Feds to loan them money. How come GM is not borrowing money from the banks that we already have given billions to? Is it because their credit is so messed up that banks will not lend to them? The main problem is because they are not selling their products. Loaning them money will not help them sell their cars.