by Zach Carter, Media Consortium MediaWire blogger

President-elect Barack Obama rolled out his highly anticipated priorities for an economic recovery package this weekend, but the current Congress remains focused on bailouts, with the fate of U.S. automobile manufacturers still hanging in the balance.

Mike Madden details the Detroit drama for Salon.com, reporting on how lawmakers who would ordinarily be receptive to a salvage plan have become skeptical in the wake of the Bush administration's handling of the Wall Street bailout. After being promised that their votes would be used to help fend off foreclosures, members of Congress have responded with outrage as Treasury Secretary Henry Paulson has devoted all of his legislatively allocated funds to the purchase of preferred stock in financial companies.

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Automakers Return With A Plan

copyright © 2008 Betsy L. Angert.  BeThink.org

Weeks ago House Representatives refused to award the auto industry a blanket bailout or even a bridge loan.  Policymakers insisted they must see a reasonable plan to revamp a business near bankruptcy.  The legislators set a deadline for delivery of the proposal, December 2, 2008.  This same date was reserved for another auto review; in Florida a delayed vote on emission regulations would finally be realized.  The two tales may seem separate; certainly, the cities where Congresspersons will meet are far apart.  Nonetheless, the sagas are inexorably connected.

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