Pinky Reid Trying to Sneak Bailout Negotiations.December 12, 2008
Senator Reid has decided to hold special negotiations behind closed doors. Reid knows he is in trouble and this was the only way for the bailout to be discussed without the threat of a filibuster or alternate plans.
Prospects for an auto industry bailout revived in the U.S. Senate on Thursday as surprise negotiations on a compromise moved forward and a vote was possible later in the day.
Senate Majority Leader Harry Reid said on the Senate floor that the deal, if struck, “would overwhelmingly pass” the chamber that just hours ago seemed resigned to sending the automakers back to Detroit empty-handed.
The scenario at the core of the possible compromise was proposed by Sen. Bob Corker, a Tennessee Republican, who would grant loans under stricter conditions than favored by Democrats and the White House.
“Good faith negotiations are going on as we speak,” Reid said.
We will now see if the GOP backers of a filibuster have the courage to stand up to Reid and the nationalization of the American auto industry. The Republican opponents are reluctant to write another check for private industry after a Wall Street bailout Congress approved at President George W. Bush’s request, triggering a public backlash. Republicans question if the auto plan would work or merely increase the record federal deficit.
“The best route for the long-term viability of ailing car companies may be a rocky one,” said Senate Republican leader Mitch McConnell. “Government help is not the only option. It’s not even the best option.”
More to come tomorrow; I am sure of it.