(CNN) — Senate Democrats and the White House failed to find 60 votes to end debate on a $14 billion auto bailout bill and bring it to a vote Thursday night, killing the measure for the year.
The 52-35 vote followed the collapse of negotiations between Senate Democrats and Republicans seeking a compromise.
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On CBS’ “Face the Nation” today, Senator Chris Dodd (D-Conn.) said that General Motors Chairman and CEO Rick Wagoner should “move on.” That could mean that Dodd and other members of Congress will ask for Wagoner’s resignation before voting on a loan package for GM and Chrysler next week.
WASHINGTON — Democratic leaders in Congress called on Detroit’s automakers Friday to submit “credible” financial plans to lawmakers by Dec. 2 for spending up to $25 billion in government money, including vows for “significant sacrifices” by top executives.
From Paul Krugman at The New York Times:
Everyone’s talking about a new New Deal, for obvious reasons. In 2008, as in 1932, a long era of Republican political dominance came to an end in the face of an economic and financial crisis that, in voters’ minds, both discredited the G.O.P.’s free-market ideology and undermined its claims of competence. And for those on the progressive side of the political spectrum, these are hopeful times.
There is, however, another and more disturbing parallel between 2008 and 1932 — namely, the emergence of a power vacuum at the height of the crisis. The interregnum of 1932-1933, the long stretch between the election and the actual transfer of power, was disastrous for the U.S. economy, at least in part because the outgoing administration had no credibility, the incoming administration had no authority and the ideological chasm between the two sides was too great to allow concerted action. And the same thing is happening now.