WASHINGTON – Majority Democrats and the Bush White House have finalized
a deal to spend $14 billion on emergency loans for struggling U.S.
automakers, congressional officials said Wednesday. Strong opposition
lingered among some Republicans.The White House did not go as far as to say the deal was final,
although it did report “very good progress.” The measure could see a
House vote later Wednesday and be enacted by week’s end.It
would create a government “car czar” to dole out the loans, with the
power to force the carmakers into bankruptcy next spring if they didn’t
cut quick deals with labor unions, creditors and others to restructure
their businesses and become viable.Congressional Republicans, left out of negotiations on the package, are expressing grave reservations and may seek to block it.Sen. David Vitter, R-La., promised to filibuster the measure, which could delay a final vote for days.He
said the package has an “ass-backwards” approach to curing what ails
the U.S. auto industry— giving carmakers money immediately, and only
later demanding that they restructure.Nevertheless, Democratic leaders were confident enough that a bill
could advance that they set a procedural vote for the House floor later
Wednesday. Even still, Sen. Mitch McConnell, the GOP leader, said in
late morning that his side hadn’t seen the measure yet and wouldn’t
agree to votes on the measure Wednesday.“Republicans will not
allow taxpayers to subsidize failure,” McConnell said, although he
added that the auto situation would be addressed by the end of the week.
