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Democrats prefer to use money from the $700 billion that was approved in September to bailout the banking system, a move opposed by President Bush, Treasury Secretary Henry Paulson and most congressional Republicans. In the Senate, especially, Dems need at least nine Republicans to pass veto-proof legislation, assuming they can count on all their members, which makes coming to a deal in a lame-duck session particularly difficult. Other options Democrats are exploring include asking the Federal Reserve to supply the loans or requiring the banks that the government is currently bailing out to loan the money...
...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...
...essentially desperation. I wanted to be a foreign service officer or a diplomat but I didn’t pass the foreign service exam. Then in ’56 we all had a military obligation because there was a draft, but I got rejected on physical grounds by the Navy. So I went to Washington to see if I could persuade the Navy to give me a waver and I failed. But I was walking down the street and I saw a sign that read “‘The Washington Post?...
...South Carolina Republican, told Fox News Sunday, adding that Republican members are not wild about the Democrats' demand that the Big Three present their plans to Congress. "The idea that you would take three failed car companies, bring [a plan] to 535 members of Congress and let us pass judgment on it doesn't make a lot of sense to me. I don't know how to run a car company...
...part, has proposed using the $25 billion appropriated earlier this year in the energy bill to modernize the industry, a move opposed by Democrats as forcing Detroit to choose between its present and its future. Giving the automakers a second pass at convincing Congress does nothing to resolve this ideological disagreement. What it does do is give them a chance to repair their beaten-down image. In what became an infamous public-relations disaster, the executives flew in on private jets last month to beg for money. Then, in two hearings before the banking committees, the three appeared to blame...