Consider this about the TARP

Posted: Friday, December 12, 2008 11:09 AM by Mark Murray
Filed Under: White House, Congress, Economy

From NBC's Mike Viqueira, John Yang, and Jeannie Ohm
One thing we may want to keep in mind when reporting on the possibility of tapping the TARP for the Big Three...

The Treasury Department tells NBC News that of the first $350 billion installment of the TARP money, $335 billion has either been spent or earmarked and $15 billion remains.

And remember that in order to get the second $350 billion from the $700 billion, the administration must notify Congress. At that point, Congress could simply do nothing and the administration would get their money. The only way to hold it up would be to proactively vote to DENY them the money.

So the question is: 1) If Treasury comes forward with $15 billion from TARP for the autos, will the administration be able to get through the holidays and to the next Congress -- convening on January 6 -- with essentially no money left as they continue to prop up the financial sector?

2) When they do have to come back to Congress, will leaders here put forward a resolution for a vote that would deny them the money? The votes would certainly be there to deny the second half. So the question is: Do leaders simply look the other way, thereby sending the administration the cash? Or do they perform what many might consider their responsibility as lawmakers and vote?

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Comments

However the money comes the money needs to get to the our auto makers. If the bushwhacker does use the TARP money it would be the only time he actually supported American union workers. That would be a great slap in the face to his own decrepit losing party who appears to have abandoned him. If the bushwhacker wants to spend the rest of the TARP money he needs to show the Democrats he's finally willing to be bipartisan.

Oh how we Democrats are going to remember this perfidy of the southern senators who are playing petty partisan politics and bashing the unions. We'll make sure they pay in the coming elections. Way past time to unionize the south!

Eric, Salinas, CA (Sent Friday, December 12, 2008 11:22 AM)

Congress is run by the Democrats, so answering your question, the cowards would not vote. Better to not be on the record of doing anything else that can be used against you later.

Brad F, Eastern Iowa (Sent Friday, December 12, 2008 11:23 AM)

No Auto bail out, No TARP !!

Give Bush $100 B if the Auto (bail out) (I mean loan) is done

When the new Congress is seated, we have to END THE FILIBUSTER

This just takes a simple majority to abolish the Filibuster

The Republicans have shown they want to obstruct and extort
Why let them ?

De-Fang McConnell

MSierra, SF (Sent Friday, December 12, 2008 11:23 AM)

I think we've all learned that it's time to say no more bailout money. The automakers are jumping through hoops along with the UAW trying to get loans. It's time for the banking industry (who by the way even with the bailout keeps laying off employees) to cut costs besides just employees and figure out how to get profitable again. Were the situation reversed we all know that banks prefer to give loans only to those who really don't need it.

JustThinkin (Sent Friday, December 12, 2008 11:30 AM)

The Republicans are returnign to their roots.... Herbert Hoover !!

If the Recession gets WORSE... BLAME THE RPEUBLICANS !

If the Auto Industry fails... BLAME THE REPUBLICANS !!

If workers suffer and 401Ks crater ... BLAME THE RPEUBLICANS !!

'...That was the message Vice President Dick Cheney brought to a closed-door Senate GOP lunch Wednesday, reportedly warning that it’ll be “Herbert Hoover” time if aid to the industry was rejected, according to a senator familiar with the remarks. A Cheney spokeswoman would neither confirm nor deny the vice president’s remarks.

The White House could still use its authority under the financial bailout law known as the Troubled Assets Relief Program to provide aid to the industry, but the Bush administration has strongly resisted that approach. Meanwhile, Federal Reserve Chairman Ben Bernanke has warned that he could not be relied on as a backstop if additional loans were needed for the first quarter of next year....'

MSierra, SF (Sent Friday, December 12, 2008 11:32 AM)

There are no "Leaders" in congress only political cowards looking for shelter and that includes the two incoming committee members as President and VP.

Dave, Tn (Sent Friday, December 12, 2008 11:40 AM)

January 20, 2009 can't get here soon enough. These Republicans are beyond dignity.

PBrown (Sent Friday, December 12, 2008 11:48 AM)

I would like to see an accounting of how the money they have already received has been spent. I find it laughable that some of those in congress want to put conditions on the loan to the auto industry regarding the wages of their workers while saying nothing at all about the millions that the fat cats in the financial industry are walking off with. They shouldn't get another cent until they show where the rest of the money went and what they plan to do with what they get.

Rae, Indiana (Sent Friday, December 12, 2008 11:50 AM)

What part of the TARP legislation allows the administration to use funds to purchase automaker assets? My reading of the original text of the legislation (albeit a vague bill) was quite clear on "financial institutions." Would the Treasury work with GMAC rather than GM to make it legitimate?

JR, New York (Sent Friday, December 12, 2008 11:58 AM)

Why should Americans support foreign corporations that set up shop in this country and then use their bought and paid for GOP hacks set about undermining the competition.
ONLY IN AMERICA! You won't find a fair playing field for American autos in any of their countries - Japan, Korea or many countries in Europe. The deal went down because GOP senators want to destroy the American worker and give big business a free hand in paying their workers less.AND KILL THE UNIONS THE ONLY ONE'S THAT CARE ABOUT WORKERS PROTECTION ACT, GOP PLaying poltics

dimples (Sent Friday, December 12, 2008 12:18 PM)

The only way to fix our economy is with more non-government jobs. The quickest way to create a very large amount of those jobs is to boost manufacturing production for something people will buy. The US-Three have the ability to bring back millions of jobs that they outsourced to foreign countries to avoid the high wages and benefits cost of doing business here. The UAW has a monopoly on automaking. The US government needs to correct the trade imbalance. The US-Three need to bring all those jobs back. The US citizens need to buy the US made stuff that keeps their neighbor working. [That includes everything you buy - not just cars.] There is plenty of blame to go around. Let's hope they quit blaming and start doing.

Ted Ryfiak (Sent Friday, December 12, 2008 1:03 PM)

You're delusional if you think $15 billion is going to save the auto industry. They'll be back next month asking for $40 billion more.

GM needs to die. It's a failed company and throwing money at it is not going to solve anything.

Shep, Florida (Sent Friday, December 12, 2008 1:08 PM)

UAW wouldn't even negotiate. Come on folks.

George King (Sent Friday, December 12, 2008 1:13 PM)

Oh please, stop the whining. bush asked for the money, and the dems, remeber they are in charge, vote for it, not the repub, most voted against it both times. it is reid and pelosi who are to blame for TARP. we all see how well that bailout is working, so yes lets have another stupid bill to bailout the autos. no thanks. my mother grow up in the steel belt of ohio and saw first hand what the unions did to that industry, as did my grandfather who worked for U.S. Steel. i am sorry, but the uaw has had its way for a long time, and the only fault the big 3 made was to always cave into their demands. I work for a compnay that at one time was in chapter 11 and we came out of bigger and better. i personnally am not anti-union, they do service a great service in protecting works rights, but sometimes and this is one of those, they are in outerspace, not looking out for the works best interest. a job at $20-30 an hour is still better then no job. god knows i would take it.

fire them all la quinta ca (Sent Friday, December 12, 2008 1:18 PM)

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