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. Ken in Dallas

    Bruce,

    The only reason for the taxpayers to come together to do bailouts is to use those funds in strategic ways. Encouraging consumers to run out and borrow money so they can consume more is part of the carelessness that got us into crisis. Handouts to consumers disappear from the US economy very quickly, because the funds are generally spent on cheap imported stuff.

    Your plan used to be Bush administration policy.

    December 10, 2008 02:28 pm at 2:28 pm |
  2. Sandra

    Tell me how giving that money to people who get 7figure bonus and don't pay anything is going t help solve the problem! I mean how is that going to help people be able to afford a car? The gas may be down now but for how long? There is no triust, not to mntion no income for people to invest back i th economy!

    December 10, 2008 02:29 pm at 2:29 pm |
  3. epicbaze2005

    How hard is it to make one dag on car that sells?

    December 10, 2008 02:33 pm at 2:33 pm |
  4. billy-bayou

    Ken in Dallas:

    Good thinking Ken, and when the government owns everything we will all be right where you want us, right comrad?

    December 10, 2008 02:59 pm at 2:59 pm |
  5. Armando

    Let them go bankrupt. What happened to all of their profits? I haven't been paid for a month and a half where is my bailout? I don't need one, I was smart and saved. We need free markets and capitalism back. Not more borrowing and spending!

    December 10, 2008 03:02 pm at 3:02 pm |
  6. Jeff

    Okay in return for my taxpayer money I want my zero emissions Jetson Mobile delivered to me by December 25, 2009. I have been waiting decades for it.

    December 10, 2008 03:02 pm at 3:02 pm |
  7. I'm Not Missing The Old Mule & Winky Half-baked Alaska

    Is this the same kind of "great progress" Bush keeps talking about in Iraq? "Great progress" means nothing when it comes to the words of George W. Bush ... Just like the words "hard work".

    December 10, 2008 03:04 pm at 3:04 pm |
  8. Sara from Arizona

    Your tax dollars at work. Where is the outrage?

    December 10, 2008 03:08 pm at 3:08 pm |
  9. Buckeye

    from ground zero (GM Lordstown Complex) of this economic terrorism: thanks! And a big lump of coal to every politician who votes against this badly needed loan to save some 3 million American jobs.

    December 10, 2008 03:22 pm at 3:22 pm |
  10. petena

    While I am on bailout overload, I just hope the one condition is that employees will be able to keep their jobs. Its the worker who always gets hurt. And please, I don't want to hear these guys are getting bonuses and huge salaries. I want to throw up. By the way, I am unemployed too. I don't want a bailout, I just want a paying job.

    December 10, 2008 03:22 pm at 3:22 pm |
  11. Len

    Few points:

    1. The $15 billion will come from the $25 billion that they will recieve for improving their cars. (Please know the facts)

    2. It is a Loan not a Bail out...

    3. Look at the info. before you decide not to fund the big 3. There are alot of regulations and oversight in the bill.

    4. It will not just be auto makers that lose their jobs folks....Your local dealers, auto part stores, mechanics in your local communities, industries that make car parts (microchips, tires, nuts, bolts etc.)

    This Loan is for Main Street not Wall Street. Two to three million people will lose jobs...Do you think that will help our economy!

    Wake up people....and tell the republicans in congress to wake up. Oh! I am sorry they donot care about Middle America.

    December 10, 2008 03:24 pm at 3:24 pm |
  12. Bruce

    Ken,
    You miss my point...it is our money that is being used and given out like candy...all i am saying is give it back to us.
    This is not Bush's trickle down policy and if you do the math, you would see that there is more to given out then the measly amount Bush gave out...
    Gues you would rather have your money given to the corporations and otheres who got themselves into the mess...iunstead of to us who gave the money to the government in the form of taxes.
    If we give them money, do we get to vote at their meetings as stock holders, do we get a tax credit on an American Auto purchase because they are using our money...

    December 10, 2008 03:30 pm at 3:30 pm |
  13. Ed, Santa Fe, NM

    Are they going to revive American Motors and Studebaker too? I always wanted to own a bullet-nosed Studebaker!

    December 10, 2008 03:34 pm at 3:34 pm |
  14. Mike in Texas

    CONGRATULATIONS NANCY PELOSI.

    YOU HAVE GIVEN THE UNITED AUTO WORKERS $15 BILLION. NOW THEY DON'T HAVE TO WORK WITH THE COMPANIES AFTER ALL.

    Pelosi, Reid, Dodd, Rangel, etc. They are MORE INCOMPETENT than anyone in Detroit.

    December 10, 2008 03:37 pm at 3:37 pm |
  15. Natalie Webber

    "TRICKLE DOWN ECONOMICS" VS "BUILD FROM THE BOTTOM UP"

    Rather than "loaning" money to any of the "tin cups" being held up to Congress, costing many trillions of dollars – A REPEAT EVENT.

    Give every US citizen, living within the 50 US states (military have to be included), doing their banking only within the US, pay federal income tax to the US. Cost approx 2 – 3 trillion dollars – A ONE-TIME EVENT.

    WIN – WIN SITUATION!!

    December 10, 2008 03:43 pm at 3:43 pm |
  16. Shucks

    To those who say no to a bailout. Get in the real world. Other countries have been subsidizing their auto industries and manufacturing industies for years which makes them much more competitive in the world market. Where we went wrong was with the selfish, grandiose American mindset that we needed the biggest and best of everything. From cars such as Escalaides and Hummers, to electronics that make our children fat and lazy. Our "me" society is coming back to bite us. Considering that this country spends more money on hair care products than some countries whole GDP says alot about us as a nation. Not so wonderful, is it?

    December 10, 2008 03:46 pm at 3:46 pm |
  17. sg

    The bailout is intended for the UAW. Don't see Toyota, Honda and Nissan looking for bailouts from Japan. They haven't been sucked dry by the unions. I have 4 years of college education and I don't make as much money as the UAW members. Is that right?

    December 10, 2008 03:47 pm at 3:47 pm |
  18. Ethelred the Unready

    America invented the car, but can't figure out how to make and sell a car. America also invented the TV, the computer, and the phone, but American's don't make them. We buy them from Asia.

    Our problem is two-fold.

    First, America's economy has morphed into "Casino Capitalism," a system that is designed to produce a few highly rewarded winners and lots of hapless losers. If you're reading this, you are in the latter group. Now the very wealthy winners actually believe that they deserve to make 500 times what you and I make. Part of the rules of Casino Capitalism is that the winners can change the rules, but pretend that they have not been changed. They are like modern Evangelicals who imagine that what they believe is even remotely what the followers of Jesus believed 2000 years ago.

    Second, America's Colleges of Business are producing men and women who will do anything for a buck, bar none, without limits. They are taught to view American consumers much like a chicken farmer looks at his chickens. As we all know, chicken farmers spend very little time thinking about the happiness of chickens.

    December 10, 2008 03:48 pm at 3:48 pm |
  19. Get over it

    I think that it is time for the republicans to "push" back.

    I am tired of President Bush acting like a democrat.

    Let the Big 3 file bankrupcy, get their collective houses in order, and then and only then loan them the money to get back to work.

    December 10, 2008 03:54 pm at 3:54 pm |
  20. NY republican

    PICK ME!! PICK ME!! DEMOCRAT CONGRESS, CAN I BE NEXT TO GET A HANDOUT OF A FEW MILLION. I DON"T NEED ANY BILLIONS, I THINK ABOUT 3 MILLION WOULD DO NICELY. THANKS

    December 10, 2008 03:54 pm at 3:54 pm |
  21. Get over it

    Toyota and GM sold the same number of cars so it is not like GM is not selling any cars.

    Toyota made a profit and GM had a loss. WHY? UAW

    December 10, 2008 03:56 pm at 3:56 pm |
  22. Anonymous

    John Galt should be with his creator. Buried.

    December 10, 2008 03:57 pm at 3:57 pm |
  23. Kid Midnight

    Mike in Georgia: "This bailout is a travesty. Bush has sold us real conservatives out again."

    Give me a break. So did Reagan. So did Bush the first. So did the Republican Congress. They haven't sold you out, Mike. They lied to you, over and over, and you fell for it every time. Conservative leaders are like abusive husbands and Conservative voters are like abused wives. The wife always believs that THIS time, he's going to reform.

    December 10, 2008 03:57 pm at 3:57 pm |
  24. Anonymous

    Why is it that everyone I talk to is against any kind of bailout plan of any kind, and our politicians refuse to listen? They work for the people but continue to steal from the people. Our Government will remain strong if it stays out of the private sector but, if they play in this area they will also go bankrupt or I should say the people as we will be holding the bag. The private sector will take care of it’s self, if the big three go under they will be bought out by someone and reopened the very next day, it’s called business. As for the autoworkers, it’s hard to feel sorry for someone making 3 to 5 times or more than me, they should have put away for a rainy day. If all this goes through I think I should received a brand new ford f350 and a new house with a garage to park it in for my tax return next year!
    Dan

    December 10, 2008 04:00 pm at 4:00 pm |
  25. Scott Tucson

    Republicans would be fools to back this bailout, the majority of Americans are against it, the only ones that want to shove it down our throats and leave us the bill are Nancy Peolsi and Harry Reid along with their cohorts. When this bailout goes south as it surely will and the American people are screaming for accountability, you can count on Pelosi and Reid to finger point their screw-up at the republicans.

    December 10, 2008 04:15 pm at 4:15 pm |
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