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Auto Bailout Prospects Improve in the Senate - Late Night Session - Reid Hopes for Vote and Passage Tonight; Update: Cloture Vote Fails Bailout is Dead for This Session
FullosseousFlap's Dental Blog —
... William Repko of Evercore Partners, Arthur Newman of Blackstone Group and Jay Alix.
Last minute, late night, BS, and a sell-out compromise is being worked out in the Senate as Flap writes this post.
Watch it now and hope the GOP does not sell out its principles again.
Senator John Ensign is on the floor now (this was a tape). Their currently is a Senate Quorum call while negotiations continue in each caucus.
Update(s):
6:30 PM Pacific:
Officials say Republican and Democratic senators are struggling ...
UAW Senate Showdown
Wizbang —
... Key points: 1) Reduce unsecured debt by 2/3 (does not include pensions and employee benefit obligations) 2) Reduce compensation, including wages and benefits, to the average per person per hour of Nissan, Toyota, and Honda 3) Ensure parity of work rules with those of Nissan, Toyota, and Honda 4) At least 1/2 of payments to VEBA account must be in the form of stock, not cash 5) Suspends continued payments to UAW Jobs Bank recipients Unfortunately, Republicans may not sway reluctant Democrats that are beholden to their UAW financial benefactors. Points Two and Five ...
"It's their nature..."
Corrente —
Republicans torpedo Big Three loan because they can't fuck the unions hard enough. Read more…
Reports: Auto bailout talks collapse
Calculated Risk —
From AP: Auto bailout talks collapse over union wages From CNBC: Senate Fails to Reach Agreement on Auto Bailout The U.S. Senate has failed to reach an agreement on a $14 billion government bailout to rescue the nation's Big Three automakers. Senate Majority Leader Harry Reid said he was "terribly disappointed" as there was "too much difference" between negotiators to come to a compromise. Smells like bankruptcy ...
UAW Bailout Talks Collapse in Senate
Tammy Bruce —
For anyone who thought this was anything other than an attempt by liberals to save union parasites, think again. And congratulations everyone: union bailout talks have now collapsed...on the issue of union wages. David Gergen on CNN just said it was the Senate Republicans who killed this. Perhaps they have heard a little bit of the protest of November 4th.
Auto bailout talks collapse over union wages
A $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to ...
Auto Bailout Collapses
Weekly Standard Blog —
... The AP reports: "A $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts." ...
Breaking: Auto Bailout Dies In Senate
Gateway Pundit —
The word is-- The auto bailout is Dead as a Doornail. UPDATE-- It's official. The bailout is dead. The unions would not budge: The collapse came after bipartisan talks on the auto rescue broke down over GOP demands that the United Auto Workers union agree to steep wage cuts by 2009 to bring their pay into line with Japanese carmakers.
No More Mister Nice Blog — ... to compete: Tennessee offered its richest incentive package -- and perhaps the most government assistance and tax breaks ever for an American automobile plant -- to lure Volkswagen to Chattanooga. But the state's chief business recruiter said Wednesday that the benefits from VW's $1 billion assembly plant far will exceed what could top $500 million in government assistance and tax breaks for the project.... Just a little perspective for this: A $14 billion emergency bailout for U.S. automakers collapsed in the Senate ...
UAW: Better Unemployed, Than Take Pay Cut?
Riehl World View —
... AP just got the story on the wire. The GOP wanted wage cuts right away to bring Detroit into line with other auto makers. The UAW said not for 3 years. ...
Conservativism = Nihilism
Whiskey Fire —
... The GOP is willing to let US industrial giants die if saving them means letting unions live. And damn the consequences for the nation and its citizens. Wall Street? Hundreds of billions, no paybacks, no strings. Auto companies? No nothing, no loans, fuck you. ...
Round up addendum
Wizbang —
I had just hit the 'save' button when ... $14B auto bailout dies in Senate WASHINGTON - A $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts. Is it the Republicans' fault the UAW is greedy? (Via ...
Republicans Kill Big 3 Bailout
Taylor Marsh —
BY TAYLOR MARSH
The AP is already blaming the union. How convenient for Republicans.
From Reid’s office after Republicans killed the Big 3 bailout late yesterday, leaving millions of workers in the lurch. ...
Bust the union or the Midwest goes bust
Newshoggers.com —
... By Fester: The initial round of the car industry bridge financing and non-bankruptcy lending bail-out has failed. It failed despite passing the House, despite having the support of both the current President and the next President, and despite having a majority in the Senate. It failed because a determined minority wants to either bust the UAW on principal or bust the Midwest as a temper tantrum. From the AP: Republicans, breaking sharply with President George W. Bush as his term draws to a close, refused to back federal aid for Detroit's ...
Republicans Hate Workers
The Mahablog —
... It really is all about union busting for righties. Yesterday the UAW refused to agree to steep wage cuts for auto workers, so Senate Republicans killed the Big Three bailout package. ...
White House Considering Bailing Out The Automakers
Ace of Spades HQ —
... -- to prevent a collapse of troubled automakers. A precipitous collapse of this industry would have a severe impact on our economy, and it would be irresponsible to further weaken and destabilize our economy at this time. While the federal government may need to step in to prevent an immediate failure, the auto companies, their labor unions, and all other stakeholders must be prepared to make the meaningful concessions necessary to become viable. Last night's efforts failed when the UAW refused to agree to wage parity between US automakers and non-union foreign manufactures ...
Auto Bailout Fail
Little Green Footballs —
No $14 billion bailout for the auto industry.
Maybe the CEOs could take a salary cut and pay for it out of that.
UPDATE at 12/12/08 9:23:41 am:
The White House does an end run around the Senate: White House Bails Out Automakers: Everybody Wins, Save Taxpayers.
The White House stepped into the breach early Friday, expressing support for Treasury to use TARP funds to bailout the U.S. automakers.
“Because Congress failed to act, we will ...
