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Auto Bailout Collapses in Senate   December 11th, 2008
But Bush or Treasury may bailout industry anyway       

 
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Senate Republicans have restored some of my faith in the Republican party by standing to the bailout. Unfortunately, it seems that Bush or the U.S. Treasury will step in and bailout the industry anyway.

http://money.cnn.com/2008/12/11/news/companies/auto_bailout_senate/index.htm

Hopes for Congressional approval of a bailout of the U.S. auto industry appeared to fall apart late Thursday night as Senate leaders said Democrats and Republicans were unable to reach a deal that could get the bipartisan support needed to bring the measure for the vote.

The Senate voted 52-35 to bring the measure for a vote, but that was short of the 60 votes needed to advance the legislation. The failure followed the collapse of negotiations between Senate Democrats and Republicans seeking a compromise that all sides could accept...

However, the Big Three could still wind up getting government funding. Bush officials warned wavering GOP senators earlier Thursday that if they didn't support the legislation, the White House will likely be forced to tap funds from the Wall Street bailout to lend them money, two Republican congressional officials told CNN.


So when the will of the people is served by Senate Republicans, the answer is President Bush (or his Treasury Department) siding with Democrats to spend even more of our money on misguided bailouts.

We need more real conservatives in the Republican party. We didn't have a real conservative presidential candidate this year, and Bush wrote off his conservative credentials long ago. The government is spending money like a drunken sailor and even though all spending bills are supposed to originate in Congress, Congress has abdicated its fiscal responsibility to the executive branch so that Congress currently simply cannot stop the spending.

I hope President Bush will surprise us by not allowing the TARP funds to be used for an auto industry bailout and allowing the decision of Congress to stand. Unfortunately, every indication is that he will.

Our economy is in desperate need of a correction. It will be painful... But I simply do not see how further fiscal irresponsibility is going to solve the problems of this economy.

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