Word: bailouts
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...Obama's resignation and the pending exits of both Joe Biden and Hillary Clinton (though sources say that in extreme circumstances, Biden and Clinton might consider returning for a vote). Add to that some Democratic defections, such as Montana Senator Max Baucus, who has declared his opposition to the bailout, and Democratic aides say they'll need at least 15 Republicans on board to get a bill passed...
...seemed hard to envision a solution. In an eerie replay of the events that led to the initial Wall Street bailout flop, congressional Democrats got the White House's blessing on a bill only to discover (yet again) that the outgoing President doesn't carry much weight on Capitol Hill. "The White House does not vote in the Senate," said one Senate GOP aide. "It's offensive to many congressional Republicans that they'd choose working with a lame duck than with their colleagues." (Many Democrats counter that the door was always open to the Republican Senators - but that they...
...votes. Not only are many strongly opposed to a plan they believe will only postpone the inevitable bankruptcy of GM and Chrysler, they feel that the President has a much easier alternative that would provide them political cover; allow the money instead to be taken from the Wall Street bailout funds without a vote, as Democrats had previously pushed for but the Administration has steadfastly resisted...
...Treasury Department has said it will invest up to $335 billion of the $700 billion bailout fund in banks and other financial institutions. It is using the money to buy preferred shares in banks, a move it began in late October. So far, it has invested $165 billion in 88 institutions, according to Treasury's website. That does not include the $40 billion the government has promised to shore up ailing insurer AIG or an additional $20 billion in funding for Citigroup, which was approved in late November when the financial giant appeared to be near failure...
...Still, one of the arguments for the $700 bailout has long been that there was a strong possibility that the government's plan would be able to stabilize the banking system and make money for taxpayers at the same time. For now, that doesn't seem to be the case...