Dodd Says Auto Bailout Lacks Votes in Senate

The NY Times has just posted a column by David Herszenhorn stating how Connecticut Senator Chris Dodd, who is Chairman of the Senate banking committee, has just announce that Auto industry bailout lacks votes in the Senate at this time.

"The chairman of the Senate banking committee said on Thursday that he did not believe there would be enough Republican support for efforts to aid floundering automobile manufacturers, raising doubts about whether Congressional leaders will call the House into a lame-duck session next week.

“Right now, I don’t think there are the votes,” the chairman, Senator Christopher J. Dodd of Connecticut, said, adding that he personally was in favor of using money from the $700 billion financial rescue program to help General Motors, Ford and Chrysler. But Mr. Dodd said he did not believe such a bill would get through the Senate.

“I don’t know of a single Republican who’s willing to support,” Mr. Dodd said. “So I want to be careful about bringing up a proposition that might fail in light of the fact the authority exists, and under an Obama administration there seems to be a greater willingness to deal with the issue. So there are some political considerations to be made.”

Passing any legislation to aid the auto companies would require 60 votes in the Senate. Democrats have 49 seats, Republicans have 49 seats and there are 2 independents who caucus with the Democrats..."

Click HERE to finish reading David Herszenhorn's column in the NY Times