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Senate Republicans counter auto loan bill

Posted on: Thursday, 11 December 2008, 06:43 CST

A $14 billion bailout for U.S. automakers was in jeopardy Thursday, as a key U.S. Senate Republican threatened a filibuster and another drafted option No. 2.

Sen. Richard Shelby, R-Ala., the ranking Republican on the Senate Banking Committee, threatened a filibuster of the loan that had White House backing and passed in the U.S. House of Representatives with largely Democratic support Wednesday, The New York Times reported.

Sen. Bob Corker, R-Tenn., said he was drafting an alternate plan that would force union workers to take pay cuts to match pay at foreign companies with U.S. factories and ban the jobs bank that allows laid-off workers to collect pay checks, The Washington Post reported.

Corker also complained the bill's auto czar, responsible for monitoring the automaker's progress, had no clout.

But, Sen. George Voinovich, R-Ohio, said many Republican senators had their minds made up early. Whatever came out of the negotiations, they probably wouldn't support, he said.

The bill that passed in the House largely affects General Motors Corp. and Chrysler LLC. Ford Motor Co. has said it can survive in the short term and won't seek federal assistance, the Times said.

Source: United Press International

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