Area Development News Desk (12/10/2008)
The U.S. House of Representatives may vote by the end of the day on a
proposed package of emergency loans and stringent reorganization
requirements for General Motors (GM) and Chrysler, but the Senate may
not have the votes to pass the measure. The Associated Press (AP)
reports that the White House and majority Democrats in the House have
reached an agreement on a deal to keep GM and Chrysler running for
approximately 90 days, with the appointment of a "car czar" who will
oversee required reorganization plans for the two automakers and demand
repayment of the loans if the plans are not followed. Congressional
Republicans, who were left out of the negotiations on the deal, are
expressing reservations about its viability. According to the AP,
Senator Mitch McConnell (R-Ky.), the Senate Republican leader, had not
seen the deal as of this morning and would not agree to a vote today or
guarantee passage. "Republicans will not allow taxpayers to subsidize
failure," says McConnell, quoted in the AP report. Senator David Vitter
(R-La.) promises to filibuster the measure, which could delay a final
vote for several days.

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