'Lawmakers'에 해당되는 글 4건

  1. 2008.12.05 Automakers face skeptical senators on aid plan by CEOinIRVINE
  2. 2008.10.18 Iraqi Lawmakers Predict Tough Fight Over U.S. Military Pact by CEOinIRVINE 1
  3. 2008.10.02 Senate Seeks to Vote Later Today on Bailout by CEOinIRVINE
  4. 2008.09.30 Lawmakers Face 'Difficult Vote' on Financial Bailout by CEOinIRVINE

U.S. automakers drew fresh skepticism from lawmakers Thursday in a rocky confrontation over their pleas for an expanded $34 billion rescue package they say they need to survive. Congressional analysts said one bailout plan under consideration would fall short of what the carmakers want.

With time on the current Congress running out, opposition to the bailout appeared to be as strong as last week - before Detroit's Big Three auto chiefs returned to Capitol Hill with more detailed plans on how they would spend the money.


Several lawmakers in both parties are pressing the automakers to consider a so-called "pre-packaged" bankruptcy in which they would negotiate with creditors in advance and downsize, then file for Chapter 11 protection in hopes of emerging quickly as stronger companies. The Big Three have publicly shunned the notion, saying it would kill sales by destroying customers' confidence - but executives have indicated in recent days that it might ultimately be necessary.

The executives all agreed in Thursday's hearing that a multibillion-dollar bailout deal would include a supervisory government board that could order major restructuring of the companies if deemed necessary for survival - similar to the results in many reorganizing efforts under bankruptcy law.

United Auto Worker union President Ron Gettelfinger, aligned with the industry in pressing for the aid, told senators at a Banking Committee hearing that any kind of bankruptcy, even a pre-packaged one, was not "a viable option." Gettelfinger said consumers would not buy autos from bankrupt companies, no matter the terms of the arrangement.

He also warned that in the absence of action by Congress: "I believe we could lose General Motors (nyse: GM - news - people ) by the end of this month." He said the situation was dire and time was of the essence.

The Big Three CEOs told the senators they hoped to make amends for past blunders. "We made mistakes, which we're learning from," General Motors chief executive Rick Wagoner said. Ford CEO Alan Mulally also acknowledged big mistakes, saying his company's approach once was "You build it, they will come."

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BAGHDAD, Oct. 17 -- Iraq's political leaders on Friday began studying a draft agreement to extend the U.S. military presence here beyond 2008, but some lawmakers predicted the proposal would face a tough fight in parliament.

The accord was expected to face its first test Friday night, as President Jalal Talabani scheduled a meeting of the 23-member Political Council for National Security to discuss it. The advisory body includes political, legislative and judicial leaders.

If approved, the document would then be sent to the Cabinet, and then to parliament.

The U.S. government needs new legal authority to keep its approximately 155,000 troops in Iraq beyond Dec. 31, when a United Nations mandate expires. The new draft accord requires U.S. troops to withdraw from Iraqi cities by mid-2009, and to leave the country by the end of 2011.

The months-long negotiations over the pact had broken down over the sensitive issue of whether U.S. soldiers would be tried in Iraqi courts if they violate the law.

Foreign Minister Hoshyar Zebari said Friday that new compromise language in the agreement would permit the U.S. to maintain legal jurisdiction over its forces when they were on their bases or outside them on a mission.

If a soldier commits a crime outside a base while off-duty, a decision on jurisdiction "needs to be made jointly by a subcommittee," Zebari told the Post. But he indicated the U.S. would have the last word. "If the crime is very grave or serious, the U.S. may waive its jurisdiction," he said.

U.S. soldiers rarely leave their bases while off duty.

The U.S. Defense Department, which insists on jurisdiction over its forces stationed around the world, supports the compromise, according to Pentagon officials. But it was unclear whether it would satisfy Iraqi politicians, who have complained bitterly about what they view as abuses committed by U.S. troops and contractors since the 2003 invasion.

In Najaf, the religious capital of Iraq's Shiite majority, a leading cleric blasted the idea of giving U.S. forces immunity from Iraqi law.

"We consider this a basic point because it represents sovereignty," said Sadir Addin al-Qobanchi, in his sermon at Friday prayers at the city's grand mosque. "If someone commits a hostile act against your house and family and you say it is fine and don't hold him responsible, it means that you don't have dignity or sovereignty."

U.S. military and political officials have expressed concern that the agreement may not make it through Iraq's slow-moving political process by year's end. In that case, American forces would have no legal grounds to stay. U.S. officials have begun exploring other options, such as an extension of the U.N. mandate, but that could be politically and legally complicated.

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Senate Seeks to Vote Later Today on Bailout 

Washington Post Staff Writers
Wednesday, October 1, 2008; Page A01

Prodded by a wave of angry calls from constituents, congressional leaders dialed back partisan bickering over the $700 billion Wall Street rescue plan yesterday and advanced modest changes to the legislation in an effort to win over House Republican holdouts

House Democrats, from left, Lloyd Doggett (Tex.), Elijah E. Cummings (Md.), Robert C. Scott (Va.) and Rush D. Holt (N.J.) discuss revisions to the legislation.
House Democrats, from left, Lloyd Doggett (Tex.), Elijah E. Cummings (Md.), Robert C. Scott (Va.) and Rush D. Holt (N.J.) discuss revisions to the legislation. (By Melina Mara -- The Washington Post)
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Economic policymakers work to stabilize global financial markets and say Congress must act quickly on a proposed bailout plan to avoid dire consequences for the U.S. economy.
» LAUNCH PHOTO GALLERY

The House began a heated debate this morning on legislation that would authorize what is likely to become the biggest federal government bailout in the nation's history, shortly after President Bush urged lawmakers to act quickly to approve the $700 billion proposal hammered out over the weekend.

Bush acknowledged that the vote will be "difficult" in the face of opposition from taxpayers and voters but necessary to protect the economy.

"A vote for this bill is a vote to prevent economic damage to you and your community" by stabilizing financial markets and renewing the flow of credit, Bush said, attempting to undercut arguments that the proposed legislation bolsters Wall Street at taxpayers' expense. "This is a bold bill that will keep the crisis in our financial system from spreading through our economy."

"Today's the decision day. I wish it weren't the case," said Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee and co-author of the legislation that was crafted in marathon negotiating sessions with Treasury Secretary Henry M. Paulson Jr.

Frank said no lawmaker wants to approve such a large bailout that was made necessary by the mistakes of Wall Street financiers and the mortgage industry, but inaction risked a more widespread financial meltdown. If nothing is done, he said, "the consequences will be much more severe."

With three hours of debate beginning just before 9:30 a.m., lawmakers expect a vote to be wrapped up before 1 p.m. Eastern time. Leaders of both parties are supporting the measure, but neither side has given a public estimate of how much support they have.



During early morning votes on noncontroversial matters, House Speaker Nancy Pelosi (D-Calif.) hurried around the chamber floor, button-holing rank-and-file members and showing them papers, asking for their support.

After a week of political tumult and deepening economic anxiety, congressional leaders yesterday rallied support for the historic proposal, which would grant the government vast new powers over Wall Street and offer fresh help to homeowners at risk of foreclosure.

The proposed legislation would authorize Treasury Secretary Henry M. Paulson Jr. to initiate what is likely to become the biggest government bailout in U.S. history, allowing him to spend up to $700 billion to relieve faltering banks and other firms of bad assets backed by home mortgages, which are falling into foreclosure at record rates.

The plan would give Paulson broad latitude to purchase any assets from any firms at any price and to assemble a team of individuals and institutions to manage them. In wielding those powers, Paulson and others hope to contain a crisis that already has caused the failure or forced the rescue of a half-dozen major Wall Street firms and unnerved markets around the world.

The measure was forged during a marathon negotiating session between lawmakers from both parties and Paulson -- who at one point appeared to negotiators to be on the verge of collapse. Restive Republican lawmakers originally criticized the package as putting taxpayers at risk and violating free-market principles, but many of them appeared yesterday to be dropping their opposition.

House Minority Leader John A. Boehner (R-Ohio) emerged last night from a meeting of House Republicans to say he is "encouraging every member whose conscience will allow them to support this." Boehner said he and other GOP leaders made the case that negotiators had improved the bill by gaining a key concession on a plan to limit taxpayer exposure.




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