It was never going to happen. Despite our pleas to President-Elect Obama not to bail out the auto industry, he’s going to do it anyway. Apparently it came during his White House meeting with sitting President Bush. According to The Journal, Obama urged immediate action, while Michigan Sen. Carl Levin is already drafting a law that would let automakers access the TARP (or whatever is left of it).
Is Bush going to do anything during the lame duck sesssion? He might if Congressional Democrats compromise on a free trade pact with Colombia that Bush has been pushing for a while, as NYT. If that’s the trade, then it’s a nice way for Bush to put the ball back in Obama’s court, and it’s a quick lesson how quickly campaign ideals will run up agains DC horsetrading, though as a Senator for four years it’s not totally new for Obama.
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