Breaking News, World News and Taiwan News.

Democrats, White House seal auto aid deal

WASHINGTON -- Congressional Democratic leaders and the White House have finalized a deal to spend US$15 billion on emergency loans for struggling U.S. automakers, congressional officials said Wednesday.

The White House did not go quite so far, saying it has made "very good progress." The measure could see a House of Representatives' vote later Wednesday and be enacted by week's end.

It would create a government "car czar" to dole out the loans, with the power to force the carmakers into bankruptcy if they did not make quick deals with labor unions, creditors and others to restructure their businesses and become viable.

Congressional Republicans, left out of negotiations on the package, are expressing grave reservations and may seek to block it.

Sen. David Vitter, a Republican promised to try to delay a final vote for days.

He said the package has an "ass-backwards" approach to curing what ails the U.S. auto industry.

Nevertheless, Democratic leaders were confident enough that a bill could advance that they set a procedural vote for the House floor later Wednesday. Even still, Sen. Mitch McConnell, the Republican leader, said in late morning that his side had not seen the measure yet and would not agree to votes on the measure Wednesday.

"Republicans will not allow taxpayers to subsidize failure," McConnell said, although he added that the auto situation would be addressed by the end of the week.

The congressional officials disclosed agreement on a bill only on grounds of anonymity because the deal has not been formally announced.

Subscribe to The China Post and save 25%. Click here
Write a Comment
CAPTCHA Code Image
Type in image code
Change the code
 Receive China Post promos
 Respond to this email
Sponsors
Buy china wholesale products from reliable chinese wholesalers on DHgate.com!
Save 70% for hotel in Shanghai and 6000 hotels, in Beijing, Guangzhou, Shenzhen, and all China.
Get the best deals for Guangzhou Hotels or choose from more than 10,000 hotels in 499 Chinese cities.
Find great real time deals on China Flights. Book flights to China or China domestic flights 24/7.
WSJA
Subscribe  |   Advertise  |   RSS Feed  |   About Us  |   Career  |   Contact Us
Sitemap  |   Top Stories  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |   Arts & Leisure  |   Health  |   Editorial  |   Commentary
Travel  |   Movies  |   TV Listings  |   Classifieds  |   Bookstore  |   Getting Around  |   Weather  |   Guide Post  |   Student Post  |   English Courses  |   Terms of Use  |   Sitemap
  chinapost search