Republicans bails out Wall Street but not the auto industry. The US Senate failed to help the Big 3 Auto Makers in Detroit, cause of republicans failure to support there need for financial assistance in a terrible time as this.
Just 10 Republicans supported the $14 billion loan package on the 52-35 roll call, which fell well short of the 60 needed to move forward. Sen. Carl Levin (D-Mich.) condemned the outcome as one of the “most costly filibusters” in Senate history.
Several Republican lawmakers pointed the finger at the United Auto Workers labour union, saying they had been told by their chief negotiator Senator Bob Corker that the unions were unwilling to accept reductions in employee compensation as part of a deal. Senate Minority Leader Mitch McConnell, a Republican, said that union leaders refused to accept a firm deadline for when the cut in labour costs would occur.
The House of Representatives passed a version of a rescue bill based on an agreement between congressional Democrats and the White House yesterday. Facing the potential bankruptcy of iconic American firms, President George W. Bush on Friday abandoned his long-standing objection to using the Wall Street bailout fund to help save GM and Chrysler.
The $14 Million Dollars the Big Three was asking for to stay afloat may be coming from the TARP funds, part of the $700 Billion congress approved to bailout big corporations and buy up bad debit.
Republicans just showed how they dont really care about the three million jobs that is at risk if these auto makers go under.
