With the election behind President Obama, there will be pressure coming from different quarters to sell off the 32% of General Motors that the government owns.
Let's say you're a Congressman and your constituents are begging for a bronze statue of Johnny Cash in the center of town. Fortunately, there's an important bill being voted on this week, so you just slide a federal funds provision for "urban improvement" in there and vote Yes for the larger matter along with your buddies. It's called pork and the Auto Rescue/Bailout Bill approved by the House last night contains a couple bites of it.
The U.S. House of Representatives voted late Wednesday to pass the Auto Rescue/Bailout Bill by a vote of 237 to 170. The contents of the bill came from concessions made by Congressional Democrats to White House demand, which include $14 billion in government loans, $1 billion less than was previously discussed, and the creation of a "Car Czar" appointed by the president to oversee the automakers' progress. It is widely recognized that the bill is a stop-gap measure meant to float General Motors
- Biggest automotive sales disappointments
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models