Automakers bailout spurs lobbying

Friday, November 14, 2008 |
WASHINGTON (AP) — All aboard, there may be another bailout train leaving the station on Capitol Hill. Talk of a $25 billion emergency loan package for the Big Three carmakers that could see a vote in a postelection session of Congress next week has a wave of business lobbyists clamoring for action — and a slice of the pie.
They’re dusting off their call lists and preparing for a furious round of vote-hunting that comes little more than a month after lawmakers approved the $700 billion bailout designed for banks and other financial firms.
Now with the three major U.S. car companies warning they could face a collapse before year’s end without new government help, Democratic congressional leaders are pushing to carve out a portion of the financial rescue money for them.
It’s far from certain the package will become law — or even a vote. Republicans and President George W. Bush are reluctant to send new money to the carmakers, saying they should instead speed distribution of a $25 billion loan package Congress approved in September to help automakers develop fuel-efficient vehicles. The senate plans a vote next week.
House Speaker Nancy Pelosi, D-Calif., a leading proponent of additional action to help the Detroit auto companies, has yet to schedule one, as leaders continue to hunt for the support to pass it.
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