Filed under: Government/Legal, Chrysler, LLC., Ford, GM After nearly eight years of getting little or no attention from the White House, it seems as though Detroit's automakers will be a major focus the 2008 Election. With the economy looking worse by the day, lawmakers in Washington have been kicking around the idea of a second economic stimulus package to get people shopping again, and Mowtown's lawmakers want in on the money. Michigan's two Democratic senators are attempting to use the prospect of such a bill to include federally-backed loans to help automakers and suppliers build new factories and engineer new models. The $4B would be used to offset the costs associated with the Treasury Department giving automakers $25B in loans at a discounted rate. Automakers have been against such a loan in the past, but with worsening conditions and tighter lending practices the idea is likely to sound much more exciting this time around. Presumed Democratic Presidential candidate Barack Obama told the UAW in a letter that he supports the $4B in federal aid, stating that he would "provide real solutions necessary to help this industry compete and win in the global economy." Obama also promised tax breaks for consumers that purchase ultra fuel efficient vehicles and tax credits for automakers as well. Presumed Republican nominee John McCain opposes the idea of federally backed loans, but he does support tax breaks to those that purchase fuel efficient vehicles and a $300M in prize money for electric battery powered vehicles [Source: Detroit Free Press, Image: Bill Pugliano/Getty] Read | Permalink | Email this | Comments More...
That is too funny ...... Mavbot broke the rules about political posts .... I also defer to the Big Cheese for a ruling!
since the topic's opened someone may as well post i guess wheres the tax break for people who purchase domestic automobiles? not just fuel efficent ones? not trying to start a heated debate here but i think while were out there giving incentive for the purchase of fuel efficent vehicles there should be an even further incentive to buy america's fuel efficent vehicles. just my 2 cents, while were on the subject of trying to save america's automakers by lending them money...
Why are the democrats blocking domestic drilling, new refinery construction, and nuclear power? They say they want us to stop relying on oil producing countries... The only way to do that is be self sufficient and part of that is drilling at home. The republicans are trying to pass a 3 prong approach to lowering fuel prices and moving forward with alternatives in the mean time... However, all the dems want to do is go after the speculators. Leave it to commies to go after free market only. I believe speculation should be allowed, but instead of speculation on paper, running up prices, the buyer should be required to take delivery of the crude purchased before being able to resell it. That would put a screeching halt to all the profit takers out there. Then give breaks to domestic buyers, alternative buyers, and last but not least, drill the oil we have so we can afford to survive while the transition off oil is made!
Obama is promising money and/or charity to EVERYONE ... either he'll be using money raised by higher taxes or skimming off his campaign donations to pay for it. I have a feeling it WILL NOT be the latter ... Jeese this guy scares me ... but he has lots of sheeple praising him ..
I like the commercial about "Both ways Obama"... He says what both sides want to hear, as though he could be on both sides at once.
