December 10th, 2008
12:30 PM ET
5 years ago

Deal on $15 billion auto bailout

White House Deputy Chief of Staff Joel Kaplan said progress has been made on bridging the White House's differences with Democrats.
White House Deputy Chief of Staff Joel Kaplan said progress has been made on bridging the White House's differences with Democrats.

NEW YORK (CNNMoney.com) - The White House and leading congressional Democrats have reached an agreement on legislation to provide a stopgap bailout to U.S. automakers, according to officials from the administration and Congress.

White House Deputy Chief of Staff Joel Kaplan cautioned at a press briefing that he had not seen the final language of the bill but said that great progress had been made on bridging differences with congressional Democrats.

Kaplan said administration officials would push reluctant Republican lawmakers to support the deal.

A vote could take place in the House as soon as Wednesday.

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soundoff (87 Responses)
  1. Kat

    Could someone bail me out? I haven't made any of the stupid decisions these people have made. I am well-educated and I work very hard for every penny I earn. But right now, I could really use a bailout myself.

    Stop helping the big folks and help the rest of us.

    December 10, 2008 04:16 pm at 4:16 pm |
  2. jb1879

    Another $15 B tax payer money being thrown away in the name of Politics as Usual!!!!!!!!!!!!!! At the present price tag on vehicles if the auto manufacturers cut the top pay and bonuses in half and did away with the UAW Union they would make millions, if not trillions, in profit!!!!!!

    December 10, 2008 04:17 pm at 4:17 pm |
  3. ran

    The republicans had no problem bailing out the banks and their shareholders; but give a worker a break and they always say no way. Here is a good reason the Democrats needed 60 in the senate to stop the republican's filibuster like the Republicans have been doing the last 2 years.

    December 10, 2008 04:32 pm at 4:32 pm |
  4. WELCOME TO THE OBAMA SHOW

    GREAT!!!!!!!!!

    GIVEN THEM FREE MONEY!!!!!!!

    WHOS NEXT THE AIRLINES, THE INSURANCE COMPANIES, THE CREDIT CARD COMPANIES.

    HURRY THE MONEY TRAIN IS WAITING!!!!!!!!!!!!!!!!!!!

    NOBODY CARES ABOUT THE SMALL BUSINESS IN THIS COUNTRY ALL WE DO IS PAY!!!!!!!!!!!!!!!!!!

    December 10, 2008 04:33 pm at 4:33 pm |
  5. AJ

    Ridiculous. Forget the big 3 automakers. My Hyundai works just fine.

    December 10, 2008 04:42 pm at 4:42 pm |
  6. Ron Jeremy

    Let them file for chapter 11. The foreign manufacturers will pick up alot of the employees and infrastructure, showing them how it's suposed to be run. Sometimes, you just have to learn the hard way. Give me a belt and I will put them over my knee, they will learn and we will all be better off for it.

    Nancy, I'm still waiting for your call.

    Ron Jeremy

    December 10, 2008 04:47 pm at 4:47 pm |
  7. Ron Jeremy

    Let them ("Big Joke 3") file for chapter 11. The foreign manufacturers will pick up alot of the employees and infrastructure, showing them how it's suposed to be run. Sometimes, you just have to learn the hard way. Give me a belt and I will put them over my knee, they will learn and we will all be better off for it.

    Nancy, I'm still waiting for your call.

    Ron Jeremy

    December 10, 2008 04:48 pm at 4:48 pm |
  8. shel, Seattle

    My question is: WHY is the bailout still $15 billion??? Since Ford dropped out of the bailout, that leaves only two auto companies - so why isn't the bailout now $10 billion???

    December 10, 2008 04:48 pm at 4:48 pm |
  9. Glennis, PA

    I am so against this bailout it makes my teeth hurt! There are better ways to address this situation. In fact, there are other alternatives being offered now that I hope gets some traction. I don't trust these guys to shape up after being handed fistfuls of cash, nor do I trust the government to perform any better if they demand a stake in the companies. This is just ludicrous.

    December 10, 2008 05:00 pm at 5:00 pm |
  10. Da LB

    No Bailout.....sell of some of your manufacturing capability to toyota and honda.

    Shoot, Id rather be drafted than buy an american car.

    December 10, 2008 05:02 pm at 5:02 pm |
  11. Nimi from NY

    And the Republicans wonder why they lose elections. Majority of the people who are opposing this bill have Mercedes Benz, Nissan and Toyota plants based in their states. Rather than American (s) keep its industrial pride and their jobs it will be better to have foreign car plants in U.S while ours closes. The Republicans have tried to politicize this bail out, they will reap their reward in the next election. If they let the auto industry fail, Republicans might as well forget winning Michigan and Ohio ever again.

    December 10, 2008 05:06 pm at 5:06 pm |
  12. Susan

    The first bail out was a mistake. Just because we gave our taxpayer money away the first time, doesn't mean that we have to make the same mistake over and over and over again.
    Somewhere along the way the United States economy made a wrong turn. Why is our entire economy dependent on the little guy using credit so he can spend more than he earns?

    December 10, 2008 05:12 pm at 5:12 pm |
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