BREAKING: Big 3 Help? - Congress and White House Compromise Close

After a week under the spotlights of Congressional testimony, the top brass from the Big Three automakers may be seeing a $15 billion short-term loan package as a pay-off for their efforts in contrition. The White House, Congressional leaders and the Obama Transition team are very close to a compromise that will speed progress on proposed emergency legislation to help the beleaguered automakers avoid shutdown and initiation of bankruptcy.

Senate Republicans, who have resisted a bailout for the automakers, signaled that they may not stand in the way of the legislation.

"I look forward to reviewing the legislation being drafted to address the difficulties in our auto markets," Senate Minority Leader Mitch McConnell (R-Ky.) said in a statement. "As we consider this legislation, our first priority must be to protect the hard-earned money of the American taxpayer."

A breakthrough on the bailout came late Friday, when House Speaker Nancy Pelosi (D-Calif.) dropped her opposition to a White House proposal to tap an existing loan program to help the car companies survive the deepening recession. General Motors, Chrysler and Ford are seeking as much as $38 billion to help them stay afloat. GM executives have said that without government help, the company may not last the month.

Pelosi agreed to modify the loan program to provide GM and Chrysler with an immediate infusion of $15 billion to $17 billion, so long as the money is replenished and used for its original purpose: to spur the production of fuel-efficient vehicles.

full story at WashPo

Kaine Says Va Projects Ready-to-Go , Fits Obama Plans

Gov. Tim Kaine says Virginia is ready to break fast, right out the gate, as soon as the proposed Federal economic stimulus funding is available, as outlined by President Elect Obama in his weekly media address today.



From Gov. Tim Kaine:

"Today in his [P.E. Obama] radio address, he discussed his plan to provide for significant investment in critical infrastructure projects, such as road and transit construction, bridge repairs, energy efficiency upgrades, and school repairs. His plan will put people to work and give the economy a critically important boost.

“Moreover, the President-elect’s 'use-it-or-lose-it' approach for infrastructure investment, requiring that infrastructure funds be used immediately on projects that are ready to go, makes sense. This ensures that the work will begin on these long-term investments and thousands of new jobs will be created quickly. Here in Virginia, we have more than a billion dollars in ready-to-go bridge, highway, rail, transit, port and airport projects that have been through appropriate local, regional and state planning processes and that can be under contract within 180 days.

"I have been fighting to restore Virginia's infrastructure since I became Governor in 2006, and I am so gratified that President-elect Obama understands the important value of these investments, especially given the current economic climate across the country and here in Virginia.

Cross-posted with full text from Gov.Kaine at Blue Commonwealth

Data Says - Obama Doing Just Fine - Counters Early Critics

Countering the increasing, and predictable din from right-wing controlled media, new polling data from USA Today Gallup shows that the Obama transition team is doing just fine with the recent National Security picks for his Cabinet. Media Matters captures the emerging meme from right wingers trying to foment some political mischief, claiming a lack of support by left wingers.

Looking at the hard data, it seems that lefties and centrists are actually quite happy with Obama's early progress; in building an experienced, pragmatic, result-oriented crew. Why are we not surprised ... by both in the early results of the Obama Team's efforts, and the predictable attempts by Fox & Company to begin the early assault on the new Administration.

from Gallup:

At a more basic level, 78% of Americans approve of the way Obama is handling his presidential transition, with only 13% disapproving. A majority of Democrats (94%), independents (79%), and Republicans (57%) say they approve.

That overall 78% approval rating compares favorably to the reaction Americans had to George W. Bush's transition, for which an average of 63% approved in January 2001, and Bill Clinton's transition, when an average of 66% approved from November 1992 through January 1993.

Economic Plans

As further evidence of the early goodwill, favoring Obama, the data shows solid public support for the outlines of the new Administration's plans to stimulate the economy early in 2009.

From Gallup:

Since Obama was elected, he has promised to make the economy his top priority, and has pledged to work with his economic advisers to come up with a proposal that Congress can vote on shortly after he takes office Jan. 20. This package is expected to be large and expensive, estimated by some to have a price tag of $500 billion to $700 billion. When asked whether they would favor such a measure, 58% of Americans say they would and 33% say they would oppose it.

While Democrats largely favor this planned economic stimulus package (77%), Republicans oppose it by about a 2-to-1 margin (31% in favor, 63% opposed).