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POPSGet Ready for Serious Government Spending Democrats may have "kicked the can down the road" on giving Detroit's Big 3 aid this week, as Senate Majority Leader Harry Reid reportedly said. But it sounds like Congress and the next administration are ready to open the floodgates to government spending. That may not be a bad thing. Remember the old formula from economics class: GDP=Consumption + Investment + Government Spending + Net Exports? When everything else is down, Uncle Sam sometimes has to step in to fill the gap. It also means Democrats' promises not to spend more without raising taxes or reducing spending elsewhere is probably out the window. Goodbye pay-go, hello stimulus!
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POPSPelosi and Reid Tell Detroit What They Want Democratic leaders outline specifically what they want GM, Chrysler, and Ford to include in their plans for viability and accountability, if they are to receive taxpayer money for emergency assistance. The Big Three are expected to reply to Congress by Dec. 2.
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POPSChicken a la Detroit The White House and congressional Democrats seem to be playing chicken over a bailout for the auto industry. The WH wants to cut some of the strings on $25 billion in loans that can go to the Big Three fairly quickly. Dems say the WH has the power to give the auto industry a portion of its $700 billion TARP funds immediately. The unknown variable: will a bankruptcy filing by any of Detroit's Big 3 tip the recession into an even deeper downturn? Is that a risk the government should take right now? Do you think Washington should give Detroit a lifeline? Post your comments below.
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POPSGM's Capitol Hill Lobbying Even though there's much speculation that TARP funds will be tapped to rescue automakers, only a handful of Democratic senators have officially supported such a proposal. Get ready for a difficult week of bargaining in Washington.
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