Chance favors the prepared mind - Louis Pasteur

Bailouts Are Our Business

by West Virginia Rebel

Phase One of Operation Money Tree has passed.

The House of Representatives approved a 15-billion-dollar government lifeline for the teetering US auto industry, but the legislation now faces stiff Republican opposition in the Senate.

The Auto Industry Financing and Restructuring Act passed 237 to 170 following several hours of intense debate, and hours after Congressional leaders and the White House hammered out a bridge loan deal to rescue the Big Three automakers.

It now moves to the Senate, where stiffer Republican opposition in a chamber with a razor-thin Democratic majority threatens to put the brakes on the legislation.

At the conclusion of floor debate, House Speaker Nancy Pelosi said the legislation would serve as “a jumpstart for an industry and our country’s economic health.”

The bill “sets us on a new path to viability. It is a test. And we will soon see in a matter of weeks if the executive suites in Detroit are willing to make the choices” laid out in the legislation.

“We want to throw a lifeline for success. We do not intend to afford life support,” she said, warning that auto industry bankruptcy would send US manufacturing “down into a deep pit.”

Er, isn’t that where you want to send this money, Nancy?

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