Pelosi Statement on White House Plan to Aid Domestic Auto Industry

/PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today in response to the White House plan to give General Motors and Chrysler a bridge loan while they restructure their companies to become viable:

"The President's announcement this morning provides an opportunity for the American automakers to become viable and competitive while securing millions of jobs. The auto companies and all other parties now must engage in comprehensive negotiations that will require all parties to make concessions.

"The White House proposal unfortunately singles out workers and clearly puts them at a disadvantage before negotiations have even begun. It is essential that the development of the restructuring plans proceed in a fair and equitable manner, that the necessary sacrifice be mutual, and all laws governing fuel efficiency, emissions and improvements in automotive technology be preserved.

"The binding conditions contained in today's White House plan largely reflect those negotiated between the White House and the Congress and passed by the House last week. These conditions require strong protections for taxpayers, tough accountability measures for the industry, and a thorough restructuring plan that sets out a roadmap to viability.

"Congress stands ready to work with all parties during this difficult restructuring to restore the domestic auto industry, help revitalize the national economy, and secure millions of U.S. jobs."

-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page

WashingtonWatch.com Update: The Auto Bailout, a Retiree Tax Break, and the Blagojevich-Obama Connection

/PRNewswire-USNewswire/ -- This is the WashingtonWatch.com federal legislative update for the week of December 15, 2008.

On the WashingtonWatch.com Blog

Illinois Governor Rod Blagojevich's attempt to sell the Senate seat formerly occupied by Barack Obama has captured the headlines. The WashingtonWatch.com blog has an unusual take on it in a post called "The Blagojevich-Obama Connection."

http://tinyurl.com/5e9emv

Last week, the House of Representatives passed a bill to provide federal support to the "Big Three" automakers.

H.R. 7321, the Auto Industry Financing and Restructuring Act would have provided funding sufficient to cover the costs of up to $14.0 billion in bridge loans or commitments for lines of credit to U.S. auto manufacturers.

The cost of the legislation is a little under $90 per U.S. family. Late in the week last week, it appeared that the Senate would not pass the legislation.

H.R. 7321
The Auto Industry Financing and Restructuring Act
Costs $87.75 per family
What People Think: 27% For, 73% Against
http://www.washingtonwatch.com/bills/show/110_HR_7321.html

Last week, both Houses of Congress passed H.R. 7327, the Worker, Retiree, and Employer Recovery Act of 2008. Along with making technical corrections related to the Pension Protection Act of 2006, the bill waives required minimum distribution rules for certain retirement plans and accounts.

The tax savings in the bill save the average U.S. family about $30. The bill now goes to the President, who is likely to sign it into law.

H.R. 7327
The Worker, Retiree, and Employer Recovery Act of 2008
Saves $30.72 per family
What People Think: 57% For, 43% Against
http://www.washingtonwatch.com/bills/show/110_HR_7327.html

Displayed below are new, updated, and passed items with their cost or savings per family.

New Items

H.R. 7327
The Worker, Retiree, and Employer Recovery Act of 2008
Saves $30.72 per family
http://www.washingtonwatch.com/bills/show/110_HR_7327.html

H.R. 7321
The Auto Industry Financing and Restructuring Act
Costs $87.75 per family
http://www.washingtonwatch.com/bills/show/110_HR_7321.html

Updated Items

S. 3715
The Auto Industry Emergency Bridge Loan Act
Costs $11.59 per family
http://www.washingtonwatch.com/bills/show/110_SN_3715.html

Passed Items

none

-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page