Lawmakers are still bickering over the GM and Chrysler bailouts
By Andrew C., 27 Aug, 2010. 0 Comments
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The bickering still continues between the Democrats and Republicans months after Chrysler Group and General Motors Co. emerged from bankruptcy protection with a government ownership stake in the companies in exchange for the billions of dollars they received in federal loans. Trading barbs all last week were Rep. Gary Peters, D-Mich., and Sen. John McCain, R-Ariz.
McCain said last Sunday that while serving as grand marshal at a NASCAR race, he said that he wanted to meet "anybody [who] believes that Chrysler is going to survive." Peters accepted the challenge, saying that McCain should check out Chrysler's headquarters for himself in the hopes that he might "choose to be a partner in the continued success of an industry critically important to our country." When McCain responded that he had meant that any objective observer will be doing the examination, Peters quickly compiled a list of independent industry experts to vouch for him.
GM had posted a $1.2 billion third-quarter loss on Monday, and right away, Republican National Committee Chairman Michael Steele issued a statement that said GM's loss was "further proof that President Obama's economic experiments are wrong for America."
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