Yesterday House Speaker Speaker Nancy Pelosi and Senate Leader Harry Reid requested Treasury Secretary Hank Paulson use the $700 billion economic bailout for the auto industry.
This morning when I asked Rep. Rahm Emanuel, D-Ill, President-elect Barack Obama’s newly named White House Chief of Staff, whether Obama would support such a move, he explained, "First the auto industry is an essential part of our economy and an essential part of our industrial base. Second they should look at accelerating the $25-billion that was offered for re-tooling for the industry going forward. Third, there are other authorities within the administration that they should use at this time and forth, President-elect Obama has asked his economic team to look at different options at what it takes to help bridge the auto industry so not only are they apart of a revived economy but part of an energy policy where America is less dependent of foreign oil."
Emanuel said that Obama believes he can use the government’s existing authority to aid the auto industry. A signal that Obama would support the Reid/Pelosi proposal?