Roll Call reports that Senator Majority Leader Harry Reid is giving up on a potential bailout for the Big 3 automakers -- at least for now:
Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) said on Wednesday that they would try to work out a Thursday vote on a House measure that would extend unemployment insurance, a move that would signal the end of the week's lame-duck session.
Reid filed for cloture Wednesday evening on a bill that would extend unemployment insurance benefits after he failed to get unanimous consent for an economic stimulus package that included infrastructure funding, state aid for Medicaid, and a loan for the ailing automotive industry...
The cloture petition guarantees there will be a vote on unemployment benefits by Friday, but Reid and McConnell are hoping to move that vote up by a day, and they said they would go back to their colleagues to work out an agreement that would allow a Thursday vote.
If the Senate succeeds, there is no reason for the House to come back to town because it has already passed the measure.
Harry Reid will call Congress back into session in December to try again, but if the Bush administration won't agree to a bailout, then Democrats in Congress will simply wait until January 20, and hope some car manufacturers are still around to benefit from their largesse.
It's been clear for a while that Democrats in Washington don't want to save the Big 3 per se, they want to run a car company. A look at the terms of Barney Frank's bailout bill shows that his idea is to put Barack Obama's Cabinet in charge of the automakers. This will merely prolong the death of the Big 3 rather than requiring them to undergo the drastic changes needed to survive.
