Word: congressed
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Dodd has been given the unenviable task of coming up with a compromise bill in a matter of days before Congress adjourns for the year. One solution would be to divert the $25 billion from the modernization fund and then take $9 billion more from the bank-bailout funds. In this scenario, the Senate would pass the measure first, but whether such a move would pass the House is far from certain, as leadership from both sides of the aisle have voiced opposition to pieces of such a plan...
...come without some strings. "It's happening with the [$700 billion bank-bailout] program, where there is no strategy, and we're just throwing money out there," said Senator Bob Menendez, a New Jersey Democrat. In addition to monthly updates on the Big Three's progress, many members of Congress want an oversight board or a single trustee to be empowered to win concessions from employees, retirees, dealers and creditors that are essential for any long-term restructuring plan to work...
...another point in the hearing, Nardelli told Dodd that the weakest of the Big Three can survive alone and that $7 billion is all it will need "to avoid, Mr. Chairman, having to come back and again ask you for support." Utah's Bennett broached the idea of Congress writing into any package a proviso forcing GM and Chrysler to merge. UAW chief Gettelfinger questioned the benefits of such a move, saying, "In terms of synergies, it's debatable about how effective it would be." Wagoner said he was open to looking at it. And Nardelli said that even though...
...Friday, lawmakers on the House Banking Committee will get their second round with the Big Three. And if the hours of grilling in the Senate seemed tough, they are sure to face much more skepticism from the lower chamber of Congress. Senate Majority Leader Harry Reid and Pelosi have said that if both committees approve of Detroit's recovery plans, they will call Congress back into session next week to pass a bill. Of all the compromises open to lawmakers, one thing is nearly certain: the bigger and more complicated the plan, the less likely it is to pass...
...with the hope that they would work together for the common good. And for decades, most of these politicians have acted like spoiled, self-interested toddlers. "Change we can believe in"? Our needs are much simpler than that. At this point, we would settle for someone who can persuade Congress to act like adults - and maybe even share. If not, we will be interviewing for a new day-care provider in 2012. Patrick Hester, Cary...