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Rep. Frank: Autos Bailout Deal By End Of Today

Rep. Barney Frank (D-Mass.) just appeared on CNBC and said he expects an announcement from Congress by the end of the day on $15 billion in emergency bridge loans for the troubled U.S. Big Three automakers.

Frank said he expects a bill to be crafted and sent to President Bush for his signature by the end of the week.

GM, Ford and Chrysler have asked Congress for $34 billion in direct loans to keep them afloat for the next several months.

Congress wanted the White House and Treasury to fund the autos bailout from the $700 billion rescue/bailout, but the administration resisted, saying the money should come from $25 billion in direct loans already approved for automakers.

That money is pegged to help the Big Three retool their factories to make more fuel-efficient cars and House Speaker Nancy Pelosi (D-Calif.) had felt environmentalist pressure not to bleed off that money.

But the White House has prevailed on the issue and Congress will redo the language in the $25 billion already appropriated to let the automakers use the money to pay bills. The question is, will $15 billion be enough for the Big Three?

"We don't think $15 billion is enough to get them to March," Frank said, "but given the administration's insistence that be the only money we give them, that's where we are."

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  December 8, 2008; 12:11 PM ET
Categories:  The Ticker  | Tags: Chrysler, Ford, GM, General Motors, automakers, bailout  
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Comments

W. Bush and the 110th Congress have let us down. A baby born in the U. S. to foreign parents should not automatically be a U. S. citizen. Executives should not get bonuses when filing for bankruptcy. With so many laid off, no executive should be paid more than the U. S. President's listed salary. There should be a major penalty for including innocent people in lawsuits. Companies should be given 90 days to correct ADA problems rather than allowing disgusting shakedown attorneys to destroy companies. All salaries should be reduced by 20% if they are to receive bailout money. Absolutely no raises, bonuses or perks by any company receiving bailout money, or any governmental level unless their bottom line is black.
I am concerned about people being laid off while executives are getting millions. Such a disparity could give going postal a whole new meaning.

Posted by: jhurley1 | December 8, 2008 11:12 PM | Report abuse

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