Democratic Chatter 12-6-2008

George Wenschhof Bio

Compromise close on Auto Bailout - The White House got their way on this one as part of the agreement was to redirect some of the 25 Billion previously approved for the auto industry. Representative Barney Frank (D-Mass.) who is the chair of the House Financial services committee made the announcement on the MSNBC "Rachel Maddow" show last night. President George W. Bush has been arguing this point from the first request from the automakers. TheHill.com has more here.

Congress had previously approved 25 Billion for the auto industry to use for research and development into more energy efficient cars. Bush did not want to use money from the 700 Billion TARP - (Trouble Assets Relief Program). Congress did not have the votes (yet) so they agreed but will lower the amount of the loan to around 15 Billion, enough to help the auto industry get by until the incoming Obama administration and new Congress is sworn in. At that point they will have the votes to pass new legislation.

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President-elect Barack Obama discusses key parts of his Economic Recovery Plan - Today, in his weekly radio address, he spelled out how his plan will save or create 2.5 million jobs over the next two years. Change.gov has the video of his speech as well as the transcript here. Also, the Obama-Biden transition effort continues to ask for your input - by clicking on the previous link, there is an space where you are able to add your thoughts on the economy.

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Caroline Kennedy expresses interest in Clinton Senate seat - she called NY Governor David Patterson to inquire and to express interest. Senator Hillary Clinton will resign her NY Senate seat after she is confirmed as Secretary of State. Governor Patterson will then select the person to fill the vacant seat. CNN.com has more here.

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Vice-President elect Joe Biden gets his own economic adviser - this is a new position for the Vice-President office and will be filled by Jared Bernstein. The Washington Post has more here. This is a somewhat odd announcement, for why would the Vice-President need his own economic adviser?

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Obama campaign manager to write book - David Plouffe has a tentative title for his book "The Audacity to Win" a play off of Barack Obama's book "The Audacity of Hope". Mr. Plouffe is credited with running an outstanding campaign which kept focus on Obama's message despite the many attempts to derail it. Expect this book to be number one when it hits the stores in the fall of 2009. Politico.com has more here.

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