WH not happy with bailout legislation

Posted: Monday, December 08, 2008 3:55 PM by Domenico Montanaro
Filed Under: White House, John Yang

From NBC’s John Yang

White House officials have just gotten their first look at the legislative language of the auto rescue legislation, and they don't like what they see.

Officials say it doesn't appear to be consistent with what, for them, is principle No. 1 -- that long-term financing only go to companies that can show long-term viability.

They are still talking to Congress to try to work things out.

They expect to have more to say after an expected Speaker Nancy Pelosi statement and news conference.

*** UPDATE *** To clarify, the Bush Administration's objection to the draft legislation is that they want it to include a requirement that the auto companies pay back the bridge loan immediately if they are unable to negotiate a "long term restructuring plan."

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Comments

The LAME DUCK White House should just accept what Congress sends them and get on with life. Those at the WH are the blame for much of the financial probles today anyway so they really have little validity in what they might say.

eagle1776 (Sent Monday, December 08, 2008 4:01 PM)

Bush is the best president in the world, and he is showing his leadership with this auto bail out nonsense. He knows whats right, and the Dems just dont!

Michael Furlong, Long Island, NY (Sent Monday, December 08, 2008 4:03 PM)

The WH, as opposed to the Democrats, just want to get their union contributors paid off.

TT Thomas (Sent Monday, December 08, 2008 4:04 PM)

Conservationists for Obama is reporting that David Bancroft may be named to a key environmental positions in the Obama Admininstration. One of the options for Bancroft is as the new Car Czar specified in this draft legislation to oversee the retooling of the auto industry and leading them into the next generation of fuel effient cars.

Sharon, Washington, DC (Sent Monday, December 08, 2008 4:08 PM)

Note to GWB -- Too. Frickin'. Bad. You're outta there in 43 days, so do something productive for once and just sign the dang thing.

Indie Woman in Denver (Sent Monday, December 08, 2008 4:09 PM)

The Country is not happy with Bush either, but we had to live with him. Doesn't Congress realize that if he doesn't sign a bail out package, the unemployment lines will be on his watch. If Reid and Pelosi show some backbone, "W" will back down. He really doesn't have a choice.

Ron Indiana (Sent Monday, December 08, 2008 4:13 PM)

If this was another bailout/rescue plan for large banks, and insurance companies the White House would have no problems at all. Oh! That's right America! The White House has already approved funds for their bailout/rescue. Maybe if the auto makers changed their names to AIG, or CitiCorp they would get the funds they need?? The top 5% are great with getting free money, as long as, they do not have to pay it back. The "Philosophy of Failure" is the law in the Bush White House, and has been for the last 8 years. It is like the Bush Justice Department America. Some will see justice done. Others who are not worthy?? Will not see justice done fairly. Anyone see a "double-standard" here America?? I do!

Rock,Janesville,Wisconsin (Sent Monday, December 08, 2008 4:13 PM)

The White House is not happy with the auto bailout plan?

LoL Like they would know.

Anna Molly (Sent Monday, December 08, 2008 4:29 PM)

It is bad enough that these imbeciles at 1600 have screwered up this country for almost eight years, please end our misery and make no decisions that will further impact the nation after you are gone. Whatever you are asked just sign it and keep your mitts off regulations especially at EPA and Justice.

JKHayes

James Hayes (Sent Monday, December 08, 2008 4:36 PM)

"...Bush is the best president in the world..."

hahahahahahahahahahahahahahahahahahahahahahahaha

Thanks for the belly-laugh.

Indie Woman in Denver (Sent Monday, December 08, 2008 4:45 PM)

Why isn't this bailout $ escrowed and directed as it is handed out. These oversight commities being put in place after the money is gone is just more waste. Not a penny should go direct to GM, Chrysler, Ford, but managed as it is handed over in the manner the provisions state. If violated just cut the money off
and let them go bankrupt.

eric henneman Lead SD (Sent Monday, December 08, 2008 4:52 PM)

First read it would interesting if someone would report how sucessful Bush was a running a company. Specifically how sucessful he was with the Rangers and his oil company.

TEC-spring-TX (Sent Monday, December 08, 2008 4:55 PM)

If Reid and Pelosi show some backbone, "W" will back down. He really doesn't have a choice.
------------------------------------------------
Uh, he's the President, he certainly does have a choice.

Harry (Sent Monday, December 08, 2008 5:01 PM)

Bush needs to just shut up and sign. If Obama is for it, he needs to stop holding progress in this country hostage. The only restructuring ush wants to guarantee is a further back breaking of the Auto Workers Union who has been conceding things for years now.

Kelly (from Pittsburgh) (Sent Monday, December 08, 2008 5:02 PM)

Hey people who are blaming Bush for the auto companies' woes, give me a break. You can hang a lot of problems on his head, but not this one. They did this to themselves.

No More Bailouts (Sent Monday, December 08, 2008 5:02 PM)

THE BUSH ADMINISTRATION IS DEFINITELY GOING TO BE LOOKED AT AS ONE OF THE WORST IF NOT THE WORST PRESIDENTIAL PARTY IN POWER EVER. SO BUSH GO AHEAD AND DOTN SIGN THE BILL BUT REALIZE YOUR ALREADY TARNISHED REPUTATION IS GOING TO HIT AN APPROVAL RATING OF ZERO WHEN MILLIONS MORE LOSE THEIR JOBS DO TO YOUR LACK OF SIGNING THIS BILL, AND YES GW IT WILL HAVE HAPPENED ON YOUR WATCH AND NOONE ELSES BUT YOURS!!

SCOTT VA BEACH (Sent Monday, December 08, 2008 5:04 PM)

Okay what next? Obama should be able to continue smoking if he wants and not be harassed for it. It's his right and it does not hurt anyone. Smokers ban together for our rights. Stay out of our personal business. If President Elect wants to continue smoking that should not matter. Get off this man's back.
Kathy, Charlotte

I agree 100% Kathy. Mind your own business. He is not hurting anyone by smoking. Everyone does it.

Sandy Moore, Indy (Sent Monday, December 08, 2008 5:05 PM)

I want to thank my democrat brothers for helping remove that dirt bag Willie "Ice Box" Jefferson. Lousiana will be a less crime infested state with him out of office. Crooks like Ice Box need to be removed and replaced. Thank you for the early Christmas present.
Charles B., Lake Charles

YES! Another point I must agree with. Thank you to the democrats who voted this man out and those who did not go to vote in support of him. A true crook taken out of our leadership.

Sandy Moore, Indy (Sent Monday, December 08, 2008 5:07 PM)

Somebody please tell me when the good days in America were for those of us of color. I want to know when you think it was better for us. Bail outs or no bail outs.

Marcus D., Chicago (Sent Monday, December 08, 2008 5:10 PM)

What a disgrace if the WH tosses yet another auto bailout over a technicality. The plan is tough and vdry much necessary.

http://www.political-buzz.com

Matt (Sent Monday, December 08, 2008 5:12 PM)

There are posting all over about Chuck Todd leaving NBC after the elavation of Gregory to MTP host. His many supporters want to know if it's true? I for one thought Chuck should have gotten that job and believe when the numbers drop like a stone Chuck will get it.

Jan Oswald (Sent Monday, December 08, 2008 5:17 PM)

It may be that Bush is TRYING TO SABOTAGE the Economy

To try and get the Republicans back in 2010
It's the moral equivalent of 'outing' CIA agent Valie Plame

As with most of this legislation, pass it now, then amend it AFTER Obama takes office

Replenish the funds for 're-tooling' Detroit after Boy-George is bak in Texas

The Republicans may play a more negative role in the economy than anticipated. Trying to sabotage Obama

Build light rail subways !!
I have seen the future and it WORKS

MSierra, SF (Sent Monday, December 08, 2008 5:21 PM)

It's pretty simple.

If George Bush signs the bailout bill and it doesn't work he will get the blame.

If George Bush signs the bailout bill and it works, Obama and Democrats in congress will get the credit.

If George Bush doesn't sign the bailout bill and the auto companies go under, George Bush will be blamed even though they were going under before the bailout bill.

If George Bush doesn't sign the bailout bill and the auto companies survive on their own, Obama and the Democrat congress will get credit for holding firm against the auto company execs.

If the economy is still poor a year and a half from now, it will still be the Bush administration's fault. It the economy recovers earlier, like sometime mid or late 2009, the Obama administration will claim credit.

If we're still in a depression three or four years into Obama's second term, as we were with FDR, the Democrat nominee in 2016 will blame the Bush administration.

I'm sure all you fair minded people see the pattern.

Richard, Washington State (Sent Monday, December 08, 2008 5:21 PM)

You know what, in my opinion as a democrat, this is a good test to see if the Congress maintains a backbone for once. I would love to see them force Bush into vetoing this bill or accepting it as it is. If they back down (YET AGAIN!), it would be a great illustration of the ineptitude and cowardice of the democrats in Congress.

CT from ChiTown (Sent Monday, December 08, 2008 5:22 PM)

No bailouts. Let em' screw themselves into the ground.

They make cars many people have to pay for over a 6 year time period. Greed is their game. Let em' die a natural death.

Auto Warrior (Sent Monday, December 08, 2008 5:36 PM)

Bush is a no factor(lame duck) at this point in time and has not provide 1 day of leadership. At least he can help bail out the auto industry as this is his mess for the last eight years. The GOP is dead or at least help kill America!

REM (Sent Monday, December 08, 2008 5:37 PM)

If George W. doesn't like it, you can cont on the fact that his big contributors aren't on the receiving end. Lol--Does Halliburton have secret shares of General Motors?--lol

Rick, Houston, TX (Sent Monday, December 08, 2008 5:40 PM)

Actually this time I have to wonder what is wrong with the WH expecting the bridge loan to be paid back immediately if the companies can't put together a long-term restructuring plan... I can't believe that I'm siding with the WH, but why hand money to these guys if they aren't willing to work out something for the long term? If they had done something years ago they wouldn't be in this mess, so why shouldn't we expect them to figure out how to correct it going forward? It is our money after all.

Am I missing something here? Seriously.

JustThinkin (Sent Monday, December 08, 2008 5:54 PM)

Let’s take the $35 BILLION and put a $12,000 car credit directly into tax payer hands. It would work like this; create a lottery for people under a certain earnings level, at least $15,000/year with a maximum of $65,000/year (they still have to have the ability to pay car insurance, title, registration etc.). The winning lottery winners would receive a $12,000 dollar American Car Purchase Certificate that may be used to purchase an automobile from any American car maker dealership.

Since $34 BILLION is the initial installment (already up from the $24 BILLION request a few short weeks ago), let’s go ahead and round up to $50 BILLION (this will be viewed as a pittance to give them when we look back 12 months from now). At that level, the lottery would put $12,000 American Car Purchase Certificates directly into the hands of 4,166,667 consumers.

Shell Pallante, Silverado, CA (Sent Monday, December 08, 2008 5:55 PM)

Virtually every decision bush has made has been wrong - why would we trust a decision like this to his judgement when he clearly has none.

Jilli, Houston, TX (Sent Monday, December 08, 2008 5:55 PM)

You'd think Congress would put that language the WH wants in all of these bailout bills. What is it with those Democratic idiots shuffling these bills around? They're the ones that whine when there isn't enough oversight in the bill, but they never bother to put that language in.

Overbite (Sent Monday, December 08, 2008 6:00 PM)

Anna Molly (Sent Monday, December 08, 2008 1:42 PM)
For heaven's sake. Can't you do a LITTLE bit better than that? Just give us something, ANYTHING to talk about. And we always will.;)

Anna Molly:

Ditto. By the way. Just how the heck are you doing? Good I hope.

C A, Tuscaloosa, AL (Sent Monday, December 08, 2008 4:34 PM)

I got this doody bubble I've got have someone dig out, and the odor coming from my sore is making me woozy, and when ever I look in the mirror, I see you! Other then that, everything is fine.

Anna Molly (Sent Monday, December 08, 2008 6:04 PM)

Excuse me Mr. Bush, we wouldn't have to bail anyone out if not for your mis management!!!!

I for one am not very happy that you're still around. You are the lamest of all lameduck.

And what have you got to offer as a solution to this debacle? What exactly are you doing? Do you even have the mental capacity to know where to begin?

MSNBC please post this!

Joyce, NY (Sent Monday, December 08, 2008 6:07 PM)

GWB ought to be ashamed of himself. Now he's worried about accountability and viability??? That didn't seem to be the case when Paulson wanted $700 Billion for Wall Street with no questions asked and no oversight and complete impunity. And he insisted that it had to be done in a matter of days or we would suffer an unpresedented and unrecoverable down turn in the economy. Well, guess what?? George and Hank got their billions for their buddies on Wall Street but the rest of us are still down 50% in our 401(k)'s. And now he's gonna make Detroit suffer?? Who does he think he is?? Oh yeah, "The Decider" Well it looks like W has decided to show the antipathy he's always had for blue-collar America. I don't know how he sleeps at night.

CdV, LA CA (Sent Monday, December 08, 2008 6:14 PM)

I wonder what Dana Perino will do after Bush leaves office? Maybe she will get a job at Wal-Mart directing the morning "Up and At'em Speeches" that the employees have to attend before work. That might be nice.

JoAnn , Moundsville, WV (Sent Monday, December 08, 2008 6:16 PM)

Do you ever get the feeling that 25 years from now we will be hearing tapes from the W Oval Office with Bush, Cheney and Paulson saying things like, "The auto industry is the enemy. The auto industry is the enemy. The middle-class are the enemy. The environmentalists are the enemy. The Democrats are the enemy."

CdV, LA CA (Sent Monday, December 08, 2008 6:24 PM)

Do not blame on Bush. It just that we did to ourselves okay. We are all supporting to Japanese car made and we never been supported to our US car makers. Be realistic okay. Look to see how many people are driving Honda, Toyota, Nissan Etc.....So do not blame on to somebody else. People use to like things made from foreign countries and not too many like to buy things from USA made. Ah Ha Think hard!!!!!!
Jenny Bui Seattle

Jenny Bui Seattle WA (Sent Monday, December 08, 2008 6:59 PM)

Bush the best President in the world? What a joke! He is the closest thing to a dictator the U.S. has ever seen with his "If you like it fine and if you dont fine " attitude. What a narcissistic individual!About 99.9 percent of this whole mess can be attributed to his policies!

Jim Fitzgerald Joplin,Mo. (Sent Monday, December 08, 2008 7:13 PM)

Note to GWB: Do something right for once in your eight years and sign the Bill for The Big Three. Don't you realize how much the Unemployment Bill will be for 3,000,000 plus layed off workers if these 3 Companies fail

Isaac Wimsatt, Fairborn, Ohio (Sent Monday, December 08, 2008 7:25 PM)

Your Store Brand vs Name brands presentation was seriously flawed. Single family subjective opinions,
store brands get seconds during manufacturing, and pills can come from China and pills do not contain all the ingretiates that name brand have. And finally they add more water to products. I worked in a name brand food processing plant and store brands gots second or stuff they did not want in theirs.

Jim Sansom, Morehead City NC (Sent Monday, December 08, 2008 7:47 PM)

GEORGE BUSH IS ONE HECK OF A PRESIDENT. WHEN IS HIS TIME UP AGAIN?

Dumbari (Sent Monday, December 08, 2008 8:08 PM)

This President should be tried for sabotage.

Dumbari Deezua (Sent Monday, December 08, 2008 8:13 PM)

He should just shu-up, do whatever they want him to do and get himself out of the White-House as soon as Jan. 19. He is a liability on our country. The presidency of the US is suppose to be an office for smart people, not a man with a below average iq. It is pathetic

Dumbari Deezua, Atlanta, GA. (Sent Monday, December 08, 2008 8:32 PM)

As a moderateconservative I am not completely against some form of auto bailout. However, it would seem to me that there does need to be a provision that long term viability is a requirement to receive funds. Why should tay payer money be thrown at a dying company?

www.rockefellerconservative.blogspot.com

Steve B Marlboro, MA (Sent Monday, December 08, 2008 8:39 PM)

it is laughable the white hose is worry about spending good money after bad pertaining to the auto industry. $34 billion dollars to bridge into the new realm of auto manufacturing is a small pittance to pay for what needs to be preserved. ask yourself why congress didn't have more than a 5 ,minute session pertaining to the banks and why theyare now doing their worst to end the automotive industry in our nation. it is a small loan, that is all. i hope these people don't sleep a winl again given their ignorance and self interest once it sets in about the real questions they should have been asking themselves about the real questions they should have been asking for * years. shame on you and got peddle that elsewhere...like somalia ms. pelosi. you are an embarrassment.LOL you are a joke without a punchline.

john doe (Sent Monday, December 08, 2008 8:55 PM)

"Bush is the best president in the world, and he is showing his leadership with this auto bail out nonsense. He knows whats right, and the Dems just dont!"

HUH??????

Racerkoi (Sent Tuesday, December 09, 2008 7:34 AM)

***Bush is the best president in the world, and he is showing his leadership with this auto bail out nonsense. He knows whats right, and the Dems just dont!
Michael Furlong, Long Island, NY (Sent Monday, December 08, 2008 4:03 PM)***

OMG---Talk about drinking the Kool-aid!

Can't Stop laughing --- Seriously...I can't! (Sent Tuesday, December 09, 2008 8:27 AM)

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