Pelosi's Auto-Rescue Plan Sets Up Clash With Bush, Republicans
Yahoo / Bloomberg.com ^ | 11/12/2008
Nov. 12 (Bloomberg) -- House Speaker Nancy Pelosi's plan to aid troubled U.S. automakers threatens to spark a final clash with President George W. Bush before he leaves the White House in January.
Pelosi said yesterday she wants ``immediate action'' to give automakers additional assistance as shares of General Motors Corp. hit their lowest level since 1943 and analysts said the company faces possible bankruptcy. Bush hasn't said he would approve any further aid to those companies. Richard Shelby, the Senate Banking Committee's top Republican, opposes the measure.
Senate Democratic Leader Harry Reid made clear the bill's prospects of winning passage in this month's ``lame duck'' session rely on help from both congressional Republicans and Bush. Democratic gains in both chambers from the Nov. 4 elections won't go into effect until the new Congress convenes on Jan. 6. President-elect Barack Obama takes office two weeks later.
Yahoo / Bloomberg.com ^ | 11/12/2008
Nov. 12 (Bloomberg) -- House Speaker Nancy Pelosi's plan to aid troubled U.S. automakers threatens to spark a final clash with President George W. Bush before he leaves the White House in January.
Pelosi said yesterday she wants ``immediate action'' to give automakers additional assistance as shares of General Motors Corp. hit their lowest level since 1943 and analysts said the company faces possible bankruptcy. Bush hasn't said he would approve any further aid to those companies. Richard Shelby, the Senate Banking Committee's top Republican, opposes the measure.
Senate Democratic Leader Harry Reid made clear the bill's prospects of winning passage in this month's ``lame duck'' session rely on help from both congressional Republicans and Bush. Democratic gains in both chambers from the Nov. 4 elections won't go into effect until the new Congress convenes on Jan. 6. President-elect Barack Obama takes office two weeks later.