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Congress Begins Talks on Auto Industry Bailout

Posted on November 17, 2008 by LCT Staff - Also by this author - About the author

WASHINGTON, D.C. - House Speaker Nancy Pelosi will meet late this afternoon with Treasury Secretary Henry Paulson and Federal Reserve Board chairman Ben Bernanke to discuss a $25 billion auto bailout.

Later today, Sen. Majority Leader Harry Reid is to introduce a bill that would carve out $25 billion from the $700 billion Troubled Asset Recovery Program. It will include strict limits on executive compensation, bonuses, and a bar on use of loans for dividends. It will also include an advisory board.

"The administration does not want U.S. automakers to fail, and in fact we support assistance to automakers. The auto industry is an important part of our manufacturing base, and we want the industry to succeed and compete in the global economy," White House spokesman Dana Perino said. "This is why we are calling on Congress to take appropriate action this week to provide assistance." We believe this assistance should come from the program created by Congress that was specifically designed to assist the automakers - from the $25 billion Department of Energy loan program."

Source: The Detroit News

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