Three cheers for Republicans in the senate - at least those who decided that enough is enough and refused to give in to White House pressure to support the auto bailout bill.
Mitch McConnell put his foot down :
The prospects of a $14 billion government rescue of the American auto industry seemed to vaporize Thursday morning as the Senate Republican leader, Mitch McConnell of Kentucky, spoke out forcefully against the bill, effectively dooming its chances despite the urgings of the White House.
In a speech on the Senate floor, Mr. McConnell said he and other Republicans had drawn a clear distinction between the Treasury’s $700 billion economic stabilization, which they helped pass in October, and the proposal to aid the American automakers, which he said raised questions about which industries or individuals deserve help.
“A lot of struggling Americans are wondering where their bailout is,” Mr. McConnell declared. Although Mr. McConnell voiced support of an alternative plan that was developed by Senator Bob Corker, Republican of Tennessee, it seemed unlikely that there was any possibility of compromise at this late point in the year, although some Congressional aides still expressed hope and said talks would continue.
The House approved the $14 billion plan, negotiated by Congressional Democrats and the White House, on Wednesday night. It would grant emergency short-term loans to General Motors and Chrysler and require the companies to submit to broad government oversight directed by a so-called car czar appointed by President Bush.
For all you bailout freaks, don't worry. Obama and the Democrats will revisit the issue in January. Between now and then, the prospects of The Big Three coming up with a business plan that will lure consumers back, design and build cars that people want to buy, and find a way to slough off the ruinously high labor costs that are killing them are not good.
Why do the sensible, correct thing when Democrats want to stuff $14 billion in your Christmas stocking?