Thu, Nov 26 2009
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Area senators mixed on proposal to rescue Big Three automakers Inhofe has proposed a bill that would freeze the first half of the original $700 billion bailout pegged for the financial industry and would require congressional approval of the Treasury’s plan for the second half of the money.
“Congress completely abdicated its responsibility by signing a truly blank check over to the treasury secretary,” Inhofe said in a speech Monday on the Senate floor. Brownback’s office issued a statement Wednesday acknowledging the role the automakers play in the economy. “Currently, however, the auto industry is being hurt by the sluggish global economy,” he said. “While I believe the industry would benefit from re-purposing the $25 billion loan previously approved by the federal government, Congress must carefully consider all the options before allocating more federal dollars to the auto industry.” Phone messages left Wednesday at the office of Sen. Pat Roberts, R-Kan., were not returned. Staff writers Joe Hadsall, Susan Redden and Derek Spellman contributed to this report. Salary limit Under the proposal by Sens. Kit Bond and George Voinovich, the Big Three automakers would be subject to limits on executive compensation if they receive a federal loan. 
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