Senate republicans torpedoed a bill that was passed by the House to provide $14 billion in loans for General Motors, Chrysler and Ford. Republican Senator Bob Corker led the way by insisting that the UAW give him a date certain by which the union would reduce their own wages to be competitive with the foreign auto plants in the U.S.
I don't know of any taxpayer who likes the bail out of any industry but when the economy has already lost 1.9 million jobs so far this year and the country has a President who never had an economic policy, some thing has to be done to strop the erosion of jobs and the economy. Those Senate republicans really showed their true colors because their opposition was not about the bail out, it was about breaking the union.
Not one of the Senate republicans proposed that the CEO's and executives of the auto industry work for salary only, no bonuses or other compensation for the near future. But they want the union to take another cut by a date certain.
President Bush, who is eager to find something to accomplish before leaving office said his administration would furnish the industry some kind of emergency life line if talks with congress failed. The hint was he would use some of the money from the $700 billion already approved by congress. The democrats in congress asked the President a month ago to use some of that same money for the auto industry and he refused. It is just another example of this President being out of touch with what is happening with the economy.
The average American, hopefully is starting to realize just how phony the republicans in congress really are. Is it any wonder why the economy is in such bad shape under George Bush and the republicans.
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