December 5th, 2008
03:30 PM ET
6 years ago

Senate Dems to prepare auto bailout plans this weekend

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Dodd has been asked to spend the weekend working on auto bailout ideas.
Dodd has been asked to spend the weekend working on auto bailout ideas.

WASHINGTON (CNN) - A senior Democratic leadership aide tells CNN that Senate Majority Leader Harry Reid has asked Senate Banking Chairman Chris Dodd and his staff to work this weekend to prepare several options on how to help auto companies, plans Democratic will consider first thing Monday morning.

The aide gave a highly optimistic timetable, given the deep divide among lawmakers about how, and whether, to help Detroit.

“Ideally, we would reach consensus on process and substance with our caucus and Senate Minority Mitch McConnell mid-day Monday,” said the aide, who said their goal would be to schedule any necessary votes no later than mid-week.

Democratic leaders were hoping to confer with Republicans about various ideas most lawmakers are reluctant to discuss publicly.

One option that several leading Democrats are talking about is having giving the government big role in restructuring the auto companies, either with an oversight board or an individual. Some Democrats have suggested a “car czar,” and others suggest the president putting the treasury secretary in charge.

Dodd and Reid are scheduled to hold a conference call this afternoon with House Speaker Nancy Pelosi and Financial Services Chairman Barney Frank.


Filed under: Auto Bailout • Chris Dodd • Congress
soundoff (63 Responses)
  1. Kathy

    Boy, I feel confident now!!! LOL!! Especially with the clowns like Dodd and Reid in charge. Help us all. Isn't there anyone there who has more than a half of a brain cell?

    December 5, 2008 07:12 pm at 7:12 pm |
  2. unbeliveable

    they never offered to help any of us when we had to buy their over priced cars and trucks, let them start from the bottom, a lot of americans are having to give up their homes and can't feed their families a decent meal. why on earth should we be expected to take food from our family to bail out a bunch of crooks.

    December 5, 2008 07:23 pm at 7:23 pm |
  3. Ravi

    It's truly pathetic that Dems, who are supposed to be against fat cat CEOs and big corporations, are prepared to use our tax dollars to simply prolong the painful death of the Detroit 3.

    Forcing them to file for bankruptcy might be painful in the short run, but for me that is the only appropriate option. Bankruptcy protection would allow GM and the other two to get that blood thirsty parasite called the UAW off their necks.

    December 5, 2008 07:34 pm at 7:34 pm |
  4. No Hillary = No Obama

    This is congress: a show, a display of toughness when the camera is on them and then wimps behind the scenes giving every crying baby a financial pacifier. Congress is a fraud.

    December 5, 2008 07:39 pm at 7:39 pm |
  5. Larry

    See if China wants to buy them,I don't want to borrow more money from China just to finance the Big 3 bailout-Does anybody talk about the compounding interest on the money on all of these bailouts and loans,it's much greater than the loans themselves.A little common since would be good.

    December 5, 2008 07:56 pm at 7:56 pm |
  6. Paul

    The only thing the Dems knows to do is throw money at a problem. Now they want the Repubs to join in with their votes so they can take the blame.

    December 5, 2008 08:05 pm at 8:05 pm |
  7. jackie ohio

    @ RAVI,,,,,,,,,the auto industry and workers pay taxes too, if they bail out the auto industry, and rightfully so, we deserve a bailout and we deserve to keep our jobs, it's the only real living wage in this courrpt country, the small business owner aren't paying a living wage, and if they can bailout wallstreet and there cronnies, they can bail out the auto industry, pay now or pay 100 times more in govt. pension and healtcare cost that your precious govt will be liable for, IT'S THE ECONOMY STUPID

    December 5, 2008 08:06 pm at 8:06 pm |
  8. Walt, Belton,TX

    Reid must have gotten a bunch of money from Chicago to make this imperative. Dodd already had his...........

    December 5, 2008 08:07 pm at 8:07 pm |
  9. tired of lies

    why does the big three think america can't survive without them, america became great before cars were invented.

    December 5, 2008 08:08 pm at 8:08 pm |
  10. Jon

    Of course they're going to bail them out. They are in the pockets of the union leaders. We really need to bail out those autoworkers making $75/hr (with their benifits) while the average Amercan makes $25/hr and the average toyaota/honda worker makes a better car at $45/hr.

    December 5, 2008 08:17 pm at 8:17 pm |
  11. Ron

    O.K. guys Obama promised change and now you are begining to see some of what he means by change. You ask for it, voted for it and now change is on the horizon. Bet it is not what you had in mind!

    December 5, 2008 08:19 pm at 8:19 pm |
  12. Change - Yeah Left!

    Gotta love this *change*. Spend, spend, spen, SPEND.

    Sounds like the mantra for the next four years has already started.

    I'd LOVE to make $75/hour as an unskilled worker. I have a management consulting job and don't make that much.

    Time for Detroit to cut the fat in the worker's pay. And make them earn the same as the rest of the world. The unions are what has ruined the American car market.

    Get rid of the unions – and I mean ALL of it. And then, and ONLY then, might I support help for Detroit.

    Oh, and before you say I'm anti-Detroit – I spent the better part of my life there.

    December 6, 2008 09:13 am at 9:13 am |
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