Sorry it's going to be a short diary, haven't seen this posted yet (fairly new that I know of and it is kinda late) and thought it may be relevant to our interests, so have at thee.
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So yeah as we all know, the Big 3 automakers are pretty much screwed and are asking Congress for some sort of bailout, with some talk that it can be game over for some as early as a month from now. Some of the things I see around here, amongst others, ponder why not use some of the $700 billion set aside to that halfwit Treasury Secretary Henry Paulson for use in this.
Well apparently that's the route the Congressional Democrats are seeking, in no small part due to a strong feeling that a vote in Congress for such actions will not pass.
As ABC News' Z. Byron Wolf reports: (caution, some of the comments are in my opinion full of morons, mostly on the right, but I suppose not much more vitriolic as you may expect on HuffPo)
And while pleas from GM, Chrysler and Ford for bridge loans seemed to have some effect, prospects remain dim for an auto industry bailout passing Congress this year even though any later could spell the end of GM, according to prepared testimony from CEO Rick Wagoner.
The White House and Treasury Secretary Henry Paulson have rejected the notion of using money from the so-called TARP - a $700 billion package passed by Congress in October to stabilize the financial industry.
But in a letter Thursday night, Democratic leaders in the House and Senate told President Bush he must commit funds from either the TARP or the federal reserve or they will be unable to pass anything in Congress.
Click the link for more details (namely about specific things said) but that's pretty much all the main details.