Word: pelosi
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...House Speaker Nancy Pelosi and Senate majority leader Harry Reid said two weeks ago that if the banking committees in both chambers approve the Big Three's recovery plans, they would consider reconvening the full Congress for a vote. But hashing out terms of what would amount to an unofficial Chapter 11 reorganization is highly unusual and unwieldy for Congress, especially one that's a lame duck. The Executive Branch is better built to handle such talks, and the incoming Obama Administration is looking at all options: using money from the $700 billion Wall Street bailout, which many Democrats have...
...Obama's staffers aren't the only ones who recognize that the Executive Branch could have an easier team pulling off such a rescue operation. On Tuesday Pelosi, made it clear that the Bush Administration has the authority to act at any time without Congress, saying that "an intervention will happen either legislatively or from the Administration ... I think it's pretty clear that bankruptcy is not an option." Until now, President Bush has been unwilling to consider such an approach. But on Tuesday, the same day the automakers reported their worst month of sales in 26 years, the White...
While Harry Reid, Nancy Pelosi and other congressional Democrats mull an auto-industry bailout plan, it's worth recalling a pair of Republican legislators from the past. One of the most derided pieces of 20th century economic policy was introduced by Senator Reed Smoot of Utah and Representative Willis C. Hawley of Oregon. Signed into law on June 17, 1930, the notorious Smoot-Hawley Act jacked up U.S. tariffs on more than 20,000 imported goods, sparking a global trade war that deepened the Great Depression at home and spread it abroad...
...Senators Carl Levin and Debbie Stabenow - along with three of their colleagues from other states whose economies depend on the auto industry, including Republicans Kit Bond of Missouri and George Voinovich of Ohio - felt their plan was sufficient. At a much subdued press conference held right after Reid and Pelosi's wrapped up, they unveiled their compromise, which would pull the $25 billion from a fund approved earlier this year to help the auto industry develop more fuel-efficient cars; that notion had actually been pushed by Republicans earlier in the week, but until Thursday, Democrats had contended that...
...House Speaker Nancy Pelosi, Waxman's fellow Californian, has tangled with Dingell many times in the past and even donated money to his Democratic-primary opponent in 2002. Last year she created a special task force on global warming - headed by her close ally Massachusetts Congressman Ed Markey - a move that was seen as an end run around Dingell. However, she had stayed publicly neutral in the battle over the chairmanship...