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U.S. markets recover from steep losses
WASHINGTON, Nov. 12 (UPI) -- U.S. House of Representatives Speaker Nancy Pelosi called for legislation that would enable U.S. automakers to participate in the $700 billion federal bailout.
In a statement released Tuesday, Pelosi requested the House Financial Services Committee, led by Rep. Barney Frank, D-Mass., "craft legislation to provide emergency and limited financial assistance to the automobile industry under the Emergency Economic Stabilization Act."
A lame-duck session to pass the measure could be convened next week, with Democrats pushing the issue on a reluctant White House.
"We'll have to see what Speaker Pelosi is proposing. There are no details, so there's nothing to react to," White House spokesman Tony Fratto said Tuesday in a statement.
"Of course, it's strange that congressional Democrats would choose to ignore the $25 billion program they actually created to assist the automakers. That would be a better
place to start," Fratto said.
Senate Democratic leader Harry Reid, D-Nev., also pushed for a new bill.
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It is a whole new ball of wax in Europe these days.
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