Word: congresses
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Detroit's struggling and battered automakers are mounting an ambitious push this week for up to $50 million worth of federal loans, which are much less expensive than private credit. They are eager to have necessary legislation in place by the time Congress adjourns before the election. As recently as last winter, loan guarantees for carmakers had seemed like a piece of the Motor City's past (President Carter signed off on the Chrysler loan guarantees in 1980). But a combination of the economic slowdown and Presidential campaign politics, as well as the precedent of the federal bailout of Wall...
...Missouri. "That's where the election is going to be decided, right there," notes one Ford official, who asked not to be identified. Barack Obama, the Democratic Presidential candidate, and Republican nominee John McCain have endorsed the loan guarantees. Both candidates also voted for the Energy Bill approved by Congress and signed by President George W. Bush in December that included language paving the way for the loan guarantees. "We are encouraging Congress to take this up now," says John Bozzella, vice president of external affairs and public policy for Chrysler. Auto company spokespeople insist that they're not asking...
...This was authorized by Congress. There was a consensus this was needed to transform and drive new technology," Bozzella says. Apart from America's Big Three, one third of U.S. automotive suppliers are now in danger of bankruptcy because of production cuts by Detroit according to a recent study...
...timetable to this," says GM's Martin. "But we would like to see it in place by the end of the session. We are attaching a large sense of urgency to it." The Democratic leadership is considering attaching the loan guarantees to either a new economic stimulus package that Congress is expected to take up this month or even to the appropriation bill need to keep the federal government running after...
...career in Juneau mirrors McCain’s tenure in Washington. McCain pilloried former Defense Secretary Donald H. Rumsfeld’s military strategy in Iraq , scrutinized lobbyist Jack Abramoff’s dealings with Indian tribes , and railed against the pork barrel projects approved by a Republican Congress . While Palin scraped the pork barrel for federal dollars herself, she also line-item-vetoed $268 million worth of hometown projects from the state budget, or about 10 percent of state spending. These political victories have enabled the McCain campaign to sell her as a bull moose, not as a culture...