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. obama-mama

    I'm still waiting for my bailout.

    December 10, 2008 12:57 pm at 12:57 pm |
  2. Scott NYC Independent

    Everyone of the exe's that have asked for money come with a dire message of death. When the auto industry first came they got a loan that they went through in less than a year. When they came a second time they said they would be dead meat by the end of November. When that didn't work they said they would fail by the end of December. They were lying then and they are lying now. I don't doubt they are in trouble but I do believe they could have waited until January but wanted this done during the Bush administration because they know Bush is giving away free money. What does Bush care he has his millions and his fathers millions and can never run for President again so screw America.

    December 10, 2008 01:01 pm at 1:01 pm |
  3. paul (staunch Moderate)

    I find it very disturbing that Senator John Ensign (from my state) is planning on "slowing down" the progress of this bill. This man is getting to the point where he has no shame – and I sincerely hope that the voters here remember his actions when he comes up for re-election.

    December 10, 2008 01:01 pm at 1:01 pm |
  4. thriveblogger

    Czar, HomeLand...what is with the terminology being used by our government!

    December 10, 2008 01:03 pm at 1:03 pm |
  5. Dan, TX

    Ah, more of the Republican $700 billion bailout – I say republican because it was president Bush and his treasury secretary who sought it. President Bush convinced the democrats to support the war in Iraq and convinced them to support the bailout. So, republicans can't argue that the democrats should have stood up and stopped the bailout when they didn't want the democrats to stand up and stop the Iraq war. The democrats have let Bush have his way. So, all this bailout business is the responsibility of the Republican president and the republican party.

    December 10, 2008 01:03 pm at 1:03 pm |
  6. Michael "C" Lorton, Virginia

    It Christmas time in Washington--make you Christmas wish to Congress-who knows, maybe the National Santa Claus will bail out [all Americans]. Another line item to be added to the national debt.

    December 10, 2008 01:04 pm at 1:04 pm |
  7. Ian Minneapolis, MN

    Oh great, more money that I, my children, and my childrens children will be paying for

    December 10, 2008 01:05 pm at 1:05 pm |
  8. Mickey

    I wasted a lot of time trying to find even one positive response, is this comment section for Libs only??

    December 10, 2008 01:11 pm at 1:11 pm |
  9. John in Ohio

    It's not the congressional Democrats who'll be as much of a problem...

    December 10, 2008 01:14 pm at 1:14 pm |
  10. Mickey

    That makes sense after reading all the inteligent comments that have been submitted and approved.

    December 10, 2008 01:14 pm at 1:14 pm |
  11. Amy

    Blagojevich needs to go. I have lived in Illinois for many years and always had concerns about our government. Obama has been so refreshing and Blagojevich is making us all look bad. Next, they need to work on getting Chicago's major out as well as many other Cook County elected officials.

    December 10, 2008 01:19 pm at 1:19 pm |
  12. Joel

    Congress should only allow the bailout if the Detroit Lions can win a single game this season.

    December 10, 2008 01:21 pm at 1:21 pm |
  13. Brian

    Let the Big 3 suffer. Buy Honda...there cars are more fuel efficient and last longer anyway.

    December 10, 2008 01:21 pm at 1:21 pm |
  14. Noel

    These are following reasons why we shouldn't bail out the big 3:
    1. It'll help the autoplants, and their workers, but how will it support families, nationwide, that are having trouble making ensmit. Why not invest that money into a national infrastructure project?
    2. If we give the CEOs the money how do we know that they're not going to use it on relaxing on their private jets?
    3. We can use the money to help weaken poverty, nationwide, so that struggling families can still have a great Christmas.

    December 10, 2008 01:22 pm at 1:22 pm |
  15. Noel

    Here are some reasons why the Big 3 shouldn't get a bailout.
    1. It'll help the autoplants, and their workers, but how will it support families, nationwide, that are having trouble making ensmit. Why not invest that money into a national infrastructure project?
    2. If we give the CEOs the money how do we know that they're not going to use it on relaxing on their private jets?
    3. We can use the money to help weaken poverty, nationwide, so that struggling families can still have a great Christmas.

    December 10, 2008 01:23 pm at 1:23 pm |
  16. Margaret Reaves

    We cannot continue to bail out these corporations that cannot manage their company. The government does not need to be in this business. Anytime the government gets involved, costs go up and everything is out of control. There are many companies going out of business today. How far is the government going to bail out all our companies. If the government would get unions out and make it practical for companies they would not be going out of business. It is very difficult to fire an employee when they are off work for various reasons and do not do the work they should when they are at work. The worst problem is allowing them to sue at the drop of the hat. The only person that does well in this situation is the lawyer. We will never keep companies in this country as long as our Congress continues as they are at this point. The majority of our congressmen should be voted out. We are slowly becoming a socialist country and it is very sad.

    Our worst problems in school, government, etc. was when a few people pursued taking God out of everything and we have allowed that to happen. Margaret Reaves

    December 10, 2008 01:25 pm at 1:25 pm |
  17. sick n tired

    Let me ask you this. If taxpayer money is being used for this bailout/corperate welfare, Does that mean that if I (a taxpayer) buy a vehicle from one or more of the Big 3 I can write that off on my taxes as a "charitable contribution" for the full purchase price? or will there be a standard tax deduction? Just wondering thats all.

    December 10, 2008 01:27 pm at 1:27 pm |
  18. chris @ stl

    Let's see how much clout Mr. Bush has on his repub pals in the senate.

    December 10, 2008 01:29 pm at 1:29 pm |
  19. Shahed Khan

    Government must supervise the fund to make sure that they are spending the bail out money on innovative technology. They should follow the example of TATA in India and should make affordable and fuel efficient car so most customer don't have to rely on credit or GM won't have to stuck with their big AR balance. Also company should maintain transparency at all time so the stock price won't deceive stock buyer.

    December 10, 2008 01:29 pm at 1:29 pm |
  20. Greed is not good

    Sounds good...give them a small amount until they can prove they won't waste the money like they did with the $350 B for bank bail-outs.

    December 10, 2008 01:29 pm at 1:29 pm |
  21. balony

    don't bail out, let free markets go, we are making big mistakes with the finance, farming, auto etc, we are so far from a free market

    December 10, 2008 01:31 pm at 1:31 pm |
  22. Tim in VA

    We are now the U.S.S.A? United Socialist States of America. I never thought it would come to that.

    December 10, 2008 01:31 pm at 1:31 pm |
  23. Mike in Georgia

    This bailout is a travesty.

    Bush has sold us real conservatives out again.

    December 10, 2008 01:32 pm at 1:32 pm |
  24. Sherrol in Canada

    Do not give them a loan, let them file for chapter 11 and rebuild and restructure. It's the only way for them to become viable and competitive in these markets.

    I feel for the employees, but a stopgap is totally ridiculous and asinine where taxpayers are concerned.

    December 10, 2008 01:33 pm at 1:33 pm |
  25. Godluvr

    Today is Wednesday. Please tell me they have come to some type agreement, so that this saga can be over, for now.

    December 10, 2008 01:33 pm at 1:33 pm |
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